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 (
) -- The dollar-Swiss franc currency pair (USD-CHF) closed lower for a third week in a row on Friday, opening the door for more declines in the new week.
The dollar-Swiss franc currency pair broke through 0.8706, its Sept. 20 low, and 0.8647, its Sept. 15 low, to turn further bear pressure toward 0.8537, its Sept. 7 low.
A violation of the latter level will allow for more declines toward the 0.8400 psychological level and possibly toward the 0.8300 psychological level.
> > Bull or Bear? Vote in Our Poll
The USD-CHF's weekly relative strength index (RSI) is bearish and pointing lower, suggesting further weakness.
Alternatively, on any recovery higher, the 0.8706 level will come in as the initial resistance, followed by 0.8879, the pair's Oct. 17 low.
Further out, resistance stands at the 0.9081 level, the dollar-Swiss franc's Oct. 20 high, and ultimately, 1.9316, the October high.
All in all, the pair remains vulnerable to the downside on further downside weakness.
-- Written by Mohammed Isah
>To contact the staff member responsible for this article, click here:
>To follow the writer on Twitter, go to
>To submit a news tip, send an email to:
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
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.