USD/CHF: While USDCHF may be recovering, its broader downside bias still remains intact. And with that recovery running out of steam, downside threats cannot be ruled out. This suggests on ending its corrective recovery, a return to the 0.8889 level is expected.
Further down, support lies at the 0.8850 level followed by the 0.8800 level. A turn below here will turn attention to the 0.8750 level followed by the 0.8700 level and possibly lower towards the 0.8850 level.
On the other hand, the alternative scenario will be for the pair to continue its recovery and eventually retake the 0.9044 level
Further out, resistance resides at the 0.9177 level. A break of here will target the 0.9278 level followed by the 0.9454 level. On the whole, the pair remains biased to the downside medium term.
Guest post by FX Tech Strategy
