The USD/CHF pair is trading in the red at 0.9060 at the time of writing. The downside pressure is high as the Dollar Index is bearish. Technically, the price action signaled a downside reversal, so more declines are in the cards.
The greenback is bearish, even though the US NFP came in better than expected on Friday. Still, the USD's depreciation was somehow expected after its strong growth. Tomorrow, the US is to release the NFIB Small Business Index and the Final Wholesale Inventories. Furthermore, the FOMC Member Waller and the ECB President Lagarde speeches could move the rate.
USD/CHF Downside Reversal!
From the technical point of view, the rate found strong resistance at 0.9222, registering only false breakouts. Escaping from the up channel pattern announced exhausted buyers.
Now, it has taken out the uptrend line and the former low of 0.9091. These levels represented key downside obstacles.
USD/CHF Outlook!
A bearish closure below 0.9062 today's low activates more declines and is seen as a selling opportunity.
