USD/CHF is currently residing inside the corrective range of 0.9450 to 0.9770. Currently USD/CHF is below last week's low which does signal further weakness of USD against CHF in the coming days. Recently CHF Foreign Currency Reserve report showed increase to 714B from the previous figure of 694B but CPI report show more deficit as expected at -0.3% which previously was at -0.1%. On the other hand, USD has been providing mixed economic reports combining both positive and negative reports showing no dominant bias of positive or negative outcomes recently which did stop the further gains of USD against CHF. Today USD CPI report is going to be published which is expected to rise to 0.2% from the previous value of 0.0% and Core CPI report is also expected to rise to 0.2% from the previous value of 0.1%. Due to recent worse reports of USD the CHF has gained some momentum over USD which is expected to continue further until USD publishes any high impact positive economic reports in the coming days.
Now let us look at the technical view, price is currently residing inside the corrective range of 0.9450-0.9770 and the price is now below the resistance level of 0.9770 and dynamic level of 20 EMA as well which indicates that the strength of the bears is still intact and they are ready to push the price much lower towards upcoming support level of 0.9450. As the price remains below 0.9770 and dynamic level of 20 EMA the bearish bias is expected to continue further.
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