USDCHF Retracing to 1.03

After failing a couple of times to push above 1.04 the pair has started to slip and it is heading towards the 1.03 support level; we can expect some smaller moves until the US news that comes out early in the US session. Looking at the chart for the last few months we can see the pair making lower highs and lower lows and with the 1.04 level resisting the temptation to switch to a bearish bias has increased greatly. After failing a couple of times to push above 1.04 the pair has started to slip and it is heading towards the 1.03 support level; we can expect some smaller moves until the US news that comes out early in the US session. Looking at the chart for the last few months we can see the pair making lower highs and lower lows and with the 1.04 level resisting the temptation to switch to a bearish bias has increased greatly. Without any real support the USD will once again resume the yearly bearish trend.

[NP][/NP]