The USD/CHF pair is trading in the red at 0.8824 at the time of writing and it seems very heavy as the Dollar Index remains bearish despite the minor rebound. Still, the price is ranging, so a deeper drop needs strong confirmation. The greenback remains sluggish as the US reported some poor economic data lately.
Later, the US Flash Manufacturing PMI could drop to 49.9 points. This situation indicates contraction and should weaken the USD. In addition, the Flash Services PMI is expected to remain in the expansion territory, so it remains to see how the USD reacts.
USD/CHF Strong Sellers!
As you can see on the H1 chart, the USD/CHF pair is still trapped between 0.8822 and 0.8864 levels. The false breakouts with great separation above 0.8864 announced exhausted buyers.
As you can see, the rate failed to come back higher after registering new false breakdowns below the range's support.
USD/CHF Forecast!
Staying near 0.8822 indicates an imminent breakdown and downside continuation. The range could represent a distribution formation.
