The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.
NEW YORK (
fxtechstrategy.com) -- The dollar-Swiss franc currency pair closed this past week lower after reversing its gains from the previous week.
Now USD-CHF's next likely target is 0.8890, the currency pair's Nov. 3 low.
If the pair breaches that target, it will then head toward the 0.8700 psychological level.
A breach of that level will open the door to further weakness toward 0.8609 and then 0.8568.
USD-CHF's weekly relative strength index is bearish and pointing lower, supporting this view.
On any advances, the dollar-Swiss franc currency pair will target 0.9091, its Feb. 9 low.
A reversal of roles as resistance is expected to occur at that level. However, if that does not occur, the next target will be 0.9299, USD-CHF's Feb. 16 high.
Further out, the pair will target 0.9504, its Jan. 13 low, and then 0.9591.
Overall, however, USD-CHF remains biased to the downside on further weakness.
-- Written by Mohammed Isah
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