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USD/CHF has extended its sell-off as the USDX has reached fresh new lows. Technically, the pair has touched a strong dynamic support level, so maybe you are wondering if the bulls will take the lead again?
Personally, I believe that USD/CHF will give birth to a new leg higher if the US data comes in better than expected today and tomorrow. The ISM Manufacturing PMI and ADP Non-Farm Employment Change poor data have weakened the dollar in the last days.
Today, the Unemployment Claims are expected to drop to 775K, the ISM Services PMI could decline from 56.6 to 55.9 points, while the Final Services PMI may reach 57.5 points. Tomorrow, the US NFP, Unemployment Rate, and the Average Hourly Earnings could be decisive, USD/CHF could turn to the upside if the chart prints a reversal pattern.
USD/CHF has continued to drop with the down channel's body, the breakdown through 0.8998 has confirmed a further drop at least till the downside line. The 0.89 psychological level is seen as strong support as well.
The selling pressure is high after dropping below the 0.8998 level and under the S2 (0.8960) static support. A false breakdown with great separation below the downside line, a bullish engulfing, or any other reversal pattern could suggest buying.
A valid breakdown below the channel's support line could signal further drop way below 0.89.
Buy a reversal pattern or a strong consolidation above 0.89 level. Several false breakdowns or a major reversal pattern could indicate a new leg higher towards the channel's resistance.
Dropping below 0.89 could attract more sellers. This scenario could take shape if the US data disappoints and if USDX extends its drop.
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