USD-CHF: More Weakness Likely

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 risk remains for the dollar-Swiss franc currency pair to weaken further.

As long as the 0.9331 level remains as resistance, the pair's weakness that started at the 0.9591 level remains intact.

This leaves the 0.8929 level, the dollar-Swiss franc's Feb. 24 low, as the next downside target.

Further down, support comes in at 0.8890, the Nov. 3 low, where a breach will call for further declines toward the 0.8700 psychological level.

On the other hand, the pair will have to return to more than 0.9331 to resume its recovery.

This will open the door for a run at the 0.9504 level, USD-CHF's Jan. 13 low, and then 0.9591.

On the whole, the dollar-Swiss franc currency pair remains biased to the downside.

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.