USDCHF Chart Technical Outlook bounces lower from a strong resistance zone, heading to 0.8710, USD/CHF bounced lower from the resistance zone between 50% and 61.8% Fibo retracement levels, alongside DXY stalling below July’s high and US10Y approaching 2022’s high. Prices touched a previously broken support-turned-resistance.
Technical indicators and retailers’ sentiment support the bearish direction.
The US Retail Sales data will be watched today for short-term clues. A below-expectation print is what bears need to push the pair lower.
I am broadly bearish on the pair. But, the recent USD strength and risk-off sentiment are challenging.
I maintain my bearish outlook.
Resistances: 0.8850, 0.8920
Supports: 0.8710, 0.8600