FX.co ★ blaise.rogahn | USD/CHF

Good day! Looking at the situation on Monday, we see that bears in the USD/CHF pair attempted to break below the key level of 0.8800 for the first time since the end of March. This level had been holding back the resumption of the downward four-hour medium-term trend for a while. Although the pair is now quickly trying to bounce back from the 0.8780 level and re-enter the 0.8800 area, I believe the target of further movement, at least from a technical standpoint, is set. Therefore, after a potential rise to test the "TMA" indicator's median and the 14-period moving average near the 0.8820 level, I think bears will make a new attempt to push lower, and this time it might be successful. The target is for the USD/CHF quotes to reach the area of the pair's current local lows at the 0.8760 level. As for today, there are no significant fundamental data according to the economic calendar, so we will likely continue moving in a technical direction. Any changes in the forecast may only come tomorrow when important news from the US on the manufacturing sector's business activity index and the Job Openings and Labor Turnover Survey (JOLTS) for February will be released.