USD/CHF has been quite bearish recently in the volatile market condition above the support area of 0.9850. CHF has been quite positive with the economic reports which helped the currency to gain good momentum over USD recently. Yesterday, UBS Consumption Indicator report was published with a slight decrease to 1.67 from the previous figure of 1.68 and a significant increase in Credit Suisse Economic Expectation to 52.0 from the previous figure of 40.7. Whereas on the other hand, USD CB Consumer Confidence report was published with a decrease to 122.1 from the previous figure of 128.6 which was expected to be at 128.2 and Pending Home Sales also showed a decrease to 0.2% from the previous value of 3.5% which was expected to be negative at -0.4%. Having negative economic reports USD struggled to gain momentum whereas CHF maintained the pressure which helped the currency to dominate USD. As of the current scenario, CHF is expected to gain further over USD which will lead to further bearish pressure in the pair with an objective to break below the support area of 0.9850.
Now let us look at the technical view, the price is currently quite impulsive with the bearish pressure inside the corrective structure which is expected to reach and break below 0.9850 support area. If the price breaks below 0.9850 with a daily close the bearish pressure is expected to push lower towards 0.9780 support level in the coming days. As the price remains below 0.9910 the bearish bias is expected to continue further.
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