Weekly chart: Today the USD/CHF pair continues to support the downward pressure that still seems to exist and may expect a further fall below 1/8 (line yellow) to the line 0/8 (blue line) which would be your last line of support in this time frame.
The Relative Strength Index RSI is still on 38.70 points at the time of this analysis. We might well expect this downward trend may be extended further to its extreme support line -2/8 that is at 0.8545. But we should be cautious in this area since the market is losing steam and anytime can experience a shift in the opposite direction.
Daily chart: In the daily chart the retreating vertex is formed by the two converging trend lines, line 3/8 (green line) below which the trend still remains bearish. Moreover, having pierced the bottom line of its trend channel, the price is likely to reach the minimum search again last might well find support on the line 0/8 Murrey during the following days we can continue to sell below 0.8911 certainly putting our stop loss about 20 pips on the line and with a possible gain of about 90 or 100 pips for a minimal risk of 3-1.
4-hour chart: Finally on the 4 hour-chart the USD/CHF pair rejoined below its weekly pivot, with the same line 2/8 (red line) Murrey lines would be at this time its next resistance which the price would have to overcome to eventually continue to rise, which we consider is unlikely. Moreover, rather believe that the price will continue down to find a floor that could probably be supported in the shared area between the first weekly support line 0/8 Murrey and its last delimited by red sideline support.
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