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07.05.202109:36 Forex Analysis & Reviews: USD/CHF Extends Its Corrective Phase!

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USD/CHF is trading in the red at 0.9065 level and it could accelerate its drop if the US Dollar Index moves down after the temporary rebound. The selling pressure is high, so the pair could approach and reach fresh new lows after failing to activate a bullish reversal.

CHF is strongly bullish after Switzerland's Unemployment Rate decreased unexpectedly from 3.3% to 3.1%. The US NFP, Unemployment Rate, and Average Hourly Earnings figures will definitely shake the markets.

Some poor US data could force USD/CHF to drop further in the short term. USDX is bearish after failing to take out a static resistance indicating that USD could depreciate further.

USD/CHF Sell-Off

USD/CHF dropped below the weekly S1 (0.9079) after failing to stabilize above the weekly pivot point. The current drop below the former low and under the outside sliding line (SL) could signal that the pair may resume its downside movement.

The pair could test and retest the S1 and the SL before resuming its downside movement. A further decline could target the S2 (0.9028) level. Staying far below the 61.8% retracement level could signal a further decline towards the 0.9 psychological level.

USD/CHF Outlook!

The breakdown below the S1 seems confirmed and is seen as a selling opportunity with a first downside target at the S2 (0.9028).

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