FX.co ★ USDCHF under pressure.

Last time we talked about USDCHF we noted the bearish weekly candle after the rejection at 0.9460-0.9470. Bulls last week managed to provide support to price but still last week ended negative. This week price is making new lower lows approaching the major support trend line we talked about before.

Black line - resistance

USDCHF is vulnerable to more downside. Important support is at the red trend line at 0.9130-0.9150. Bulls need to defend this price level. A move towards that support is very probable. So far this trend line has been tested several times but it was respected. As long as this is the case, bulls have hopes for a move higher.