In my previous article on the USD/CHF currency pair, which is the U.S. dollar expressed in terms of the Swiss franc, I noted that upside will be favored going forward. I did, however, note that we should ideally look for prices under the 0.9770 mark before considering potential long positions. The USD/CHF has now fallen below this level, down to about 0.9742. Further near-term downside risk remains; however, the downside is now likely to be limited.
The daily candlestick chart below illustrates the recent (bearish) price action, while the level of 0.9716 is given attention