USDCHF Weakens, Eyes Further Bearishness

USDCHF: With the pair closing lower on Tuesday, further bearishness is envisaged. On the downside, support lies at the 0.9600 level. A turn below here will open the door for more weakness towards the 0.9550 level and then the 0.9500 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance resides at the 0.9700 level where a break will clear the way for more strength to occur towards the 0.9750 level. Further out, resistance comes in at the 0.9800 level. All in all, USDCHF faces further downside threats on price rejection.

Strategy: Sell at 0.9634, Stop loss at 0.9703, Price target at 0.9534 & 0.9500