Mohammed Isah is a technical strategist and head of research at

USD/CHF: While we retain our medium-term upside outlook on the pair, we are beginning to see some signs of price exhaustion at higher level prices. With a failure to maintain above the 1.0896 level seeing USD/CHF declining sharply lower on Feb. 19 and another one occurring on Tuesday to form a shooting star candle (top reversal signal), risk is slowly turning lower towards its Feb. 26 low at 1.0692.

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On a decisive violation of that level, we should see further downside towards the 1.0645 level where its Feb. 17 price is located with a breach of there turning focus towards the 1.0607 level, its Feb. 9 low. We expect a halt in price here to turn the pair back up again in line with its broader medium-term uptrend triggered off the 0.9910 level in November 2009. Its daily stochastics, which have turned lower, are supportive of this downside view.

Alternatively, in order for the pair to reverse its current downside vulnerability, it must break and hold above the 1.0896 level to increase risk of further upside gains towards its July 26 high at 1.0933 and next its July 21 high at 1.1021.

Though biased to the upside in the medium term, corrective downside risk has started building up suggesting lower level prices could be targeted in the days ahead.
Mohammed Isah is a technical strategist and head of research at, 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 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 At, 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.