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USD/CHF continues to drop further as the USDX resumes its sell-off. The pair approaches a strong support area, so it could turn to the upside again soon.
Surprisingly or not, the greenback drops further even if the US inflation data has come in better than expected. The CPI registered a 0.6% growth versus 0.5% expected, while the Core CPI increased by 0.3%, beating the 0.2% estimates.
Tomorrow, the US is to release more high-impact data such as retail sales, Unemployment Claims, Industrial Production, and Capacity Utilization Rate. It's hard to believe that the USD will stay lower if the US data continues to come in line with expectations or better.
USD/CHF is into a corrective phase and it could reach the 50% retracement level and the lower median line (LML) of the descending pitchfork.
The pair could find strong support around these levels. A false breakdown with great separation through these obstacles or a major bullish engulfing could bring a long opportunity.
The bias is bearish at the time of writing, but it could find support at the weekly S1 (0.9170) and on the lower median line (LML).
A false breakdown with huge separation, a pin bar, or a major bullish engulfing right on these support levels could bring a new upwards momentum towards the median line (ML).
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