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) continues to weaken and closed lower for a fourth straight week after ending its two-week correction at 0.9340 in late March.
The recent weakness means the dollar-Swiss franc is likely to move still lower, targeting the psychological level at 0.8600. A breach there will open the door for more weakness, toward the 0.8500 and 0.8400 psychological levels.
The dollar-Swiss franc's weekly momentum studies are bearish and pointing lower, suggesting further weakness.
Alternatively, on a corrective recovery, the pair will initially aim at 0.8779, its April 21 low. A turn above there should push the pair higher, toward its March 16 low at 0.8897.
We expect a reversal of roles at the latter level to turn the pair back down in the direction of its long-term downtrend.
--Written by Mohammed Isah.
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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.