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    USD/CHF fall uninterrupted, breaks below 0.9600 handle

    The USD/CHF pair extends its relentless fall for fourth consecutive day and dropped below 0.9600 handle for the first time since May 5.Last week's highly disappointing NFP print was the key trigger for the pair's sharp reversal from nearly 3-month high level of 0.9956 touched in the previous week. With a sudden turnaround in the possibilities of an immediate Fed rate-hike in June/July, the USD/CHF bulls might have been caught off-guard and would have been forced to liquidate their long USD bets. Moreover, the Swiss Franc has been gaining traction on uncertainty surrounding the UK-EU referendum as despite of today's weaker-than-expected Swiss CPI figure, that resurfaced deflationary concerns, failed to assist the USD/CHF pair to register any significant recovery from lower levels.Technical outlookMohammed Isah, Technical Strategist at FXTechstrategy notes, "Having the pair declined further on Tuesday, it looks to extend that weakness in the days ahead which is already underway. On the downside, support lies at the 0.9650 level. A turn below here will open the door for more weakness towards the 0.9600 level and then the 0.9550 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 0.9750 level where a break will clear the way for more strength to occur towards the 0.9800 level. Further out, resistance comes in at the 0.9850 level. All in all, USDCHF remains biased to the downside on more weakness." 


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