According to Slobodan Drvenica, an analyst at Windsor Brokers Ltd., "The USD/CHF's near-term structure has weakened further, as the price trendline has penetrated support and the 4h Ichimoku cloud top at 0.9350. This comes on the heels of a slide from yesterday's high at 0.9436, where the near-term gains stalled. As hourly studies turn negative and 0.9330 zone support, previous lows / 50% of 0.9237/0.9436 ascension comes under pressure and the downside risk increases. Finally, a loss of the 0.9330 level and 0.9300 will bring bears back in play and signal lower top at 0.9436."
At this juncture, the cross has suffered a sizable decline of -0.30% on the day. In terms of the technical levels, Drvenica has isolated the next supports at 0.9334, 0.9326, and finally 0.9313. However, a prolonged upward movement will initiate resistive means at 0.9387, then 0.9400, and 0.9436.
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