FX.co ★ Daily analysis of USD/CHF for June 8, 2018

USD/CHF

Price touched the support level at 0.9800 and bounced upwards. The upwards bounce pales into insignificance when compared to the overall bias on the market, and it may thus proffer an opportunity to enter the market at a better price (in favor of bears). Price could breach the support level at 0.9850 to the downside.

The current upwards bounce is not significant unless the resistance level at 0.9950 is breached to the upside. There is a Bearish Confirmation Pattern in the 4-hour chart and the Williams' % Range period 20 is not far from the oversold region.