usd-chf

USD/CHF – We continue to retain a constructive outlook for the pair despite the underlying bearish trend with medium-term studies overextended and warning of a more meaningful corrective rally. While the latest pullback has matched the recent 2009 lows by 1.0030, this does not rule out the potential for a double bottom formation to be confirmed on an eventual break back above 1.0335. For now, the market needs to regain a bid tone and break back above 1.0110 to get things going. Back under 1.0030 would undermine our double bottom outlook and put pressure back on downside. 

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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