Forex Technical Update
The USD/CHF has been trading in a rising channel seen in the 4H chart since Nov.3. The latest test of channel resistance respected it at 0.9543. The market then fell and is now cracking the 0.93 support cluster. It was also 50% retracement, channel support, and resistance for consolidation from Dec 6-9. The crack coincided with the 4H RSI reading also kissing 30, a reflecting of bearish momentum. It is possible the market is now heading lower toward 61.8% retracement at 0.9247 in the short-term.
If we see a rally back above 0.93, we should mind the 0.9350 level, which was support for a consolidation during Dec 16-20. If it acts as resistance, we have good confirmation of the bearish intent at least to 0.9250, maybe to the 200SMA in the 4H chart which is just under 0.92.