USDCHF – Daily Forex Technicals by ForexHound.com June11th

USDCHF is still inside the downsloping channel marked on the chart bellow by two trendlines connecting lower highs and lower lows from as early as 5th May. The pair is now consolidation just above the 1.04 level and if it will show enough strength we will see it retest the 1.0470 resistance area where bearish traders will consider opening new positions. USDCHF is still inside the downsloping channel marked on the chart bellow by two trendlines connecting lower highs and lower lows from as early as 5th May. The pair is now consolidation just above the 1.04 level and if it will show enough strength we will see it retest the 1.0470 resistance area where bearish traders will consider opening new positions. Conversely a failure to move higher from current levels will expose the 1.04 support to additional downside pressure.

[NP][/NP]