The USDCHF closed slightly lower on the downside at the end of the week’s trading session. Weekly bias remains on the downside as EMA’s 21 and 55 on 1hour to Monthly time-frames are all pointing downward with MACD, RSI and Stochastic in full support.
Further decline to 0.87993 support (2013 lowest) is expected and a clear break of it would resume the pair’s bearish trend. A break of it may see further supply to 0.87000 psychological zones.
However a break of 0.89131 resistance to the upside could see more rise to 0.89432/0.89641 (Fibonacci 50.0 and 61.8 respectively) if drawn from 0.90364 resistance to 0.88552 support. Such rise could dampen the current fall in the pair but would be regarded as a retracement or pull back of the bearish run.
Key economic indicators to watch out for in the Switz Franc’s economy in the coming week is the Gdp m/m, Employment level and KOF Economic Barometer.