The USD/CHF pair dropped to over four-month lows during the early North American session, with bears now eyeing a sustained break below the 0.9300 mark.
The mentioned level coincides with the lower boundary of a three-month-old downward sloping channel. A convincing breakthrough will be seen as a fresh trigger for bearish traders and set the stage for an extension of the ongoing downward trajectory.
Meanwhile, technical indicators on hourly charts are already flashing oversold conditions. This coupled with the fact that RSI (14) on the daily chart has moved on the verge of breaking below 30 warrants some caution for bearish traders.
Hence, it will be prudent to wait for some near-term consolidation, or a modest rebound before positioning for any further decline. Nevertheless, the pair seems vulnerable to retest March swing lows, sub-0.9200 levels.
On the flip side, any meaningful recovery attempt is likely to confront a stiff resistance, rather fizzle out near the 0.9365 supply zone. That said, some follow-through short-covering move might lift the pair further towards the 0.9400 mark.
USD/CHF daily chart
Reprinted from fxstreet, the copyright all reserved by the original author.
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