USD-CHF Headed Lower Near Term

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 USD-CHF pair remains biased to the downside and now looks to return to the Feb. 24 low of 0.8929.

Further down, the Nov. 3 low of 0.8890 comes in as the next target where a breach will call for further declines toward the psychological mark of 0.8700. Its daily RSI is bearish and pointing lower supporting this view.

Follow TheStreet on Twitter and become a fan on Facebook.

On the upside, the pair will have to return above the March 15 high of 0.9334 to resume its recovery. This will pave the way for a run at the Jan. 13 low of 0.9504 and subsequently the 0.9591 level.

On the whole, the pair remains biased to the downside with eyes on the 0.8929 level and beyond.

Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market for the past seven years. He formerly traded stocks before crossing over to the forex market, where he worked for FXInstructor LLC as a technical analyst and head of research before joining FXTechstrategy.com. He has written extensively on the forex market and technical analysis and his articles have been featured in The Technical Analyst Magazine, The Forex Journal Magazine, The International Business Times and FXstreet.com. At FXTechstrategy.com, he writes daily, weekly and long-term technical commentaries on currencies and commodities, which are offered to its clients. He also produces The Professional Suite for his subscribers. He provides full coverage of the forex market with specific focus on G10 currencies as well as the commodities markets, with focus on five key commodities.