The breakout of the daily range has opened the door to additional losses on the pair which continues to print record lows week and week.
We continue to warn traders about trying to catch a bottom on the USD/CHF or any CHF related pairs. We recommend to either buy Swiss Franc or remain on the sidelines until we see a meaningful reversal on the daily chart.
The market is now well capped ahead of 0,83 (former support and long term trendline). Only a daily close above would leviate the immediate downside pressure. In this event, a test of key 0,8550 resistance would be expected.
For the time being, the trend remains bearish until proven otherwise, no matter what you can read from good analysts over the Internet…