novvoll12
Short

usdchf - Minor double top drives further downside

FX:USDCHF   U.S. Dollar/Swiss Franc
6 0 1
6-19-16

USDCHF@ 0.9588 - bearish bias – Minor double top drives further downside

USDCHF             reversed off the .9956 minor double top area (May 30, 2016 weekly high) to post a new 6-week low at .9571 (June 13, 2016). While the .9686/.9796 (June 13, 2016 weekly high/April 18, 2016 prior range high near 50 week moving average ) area caps, scope remains for further downside towards 0.9443 (May 2, 2016 YTD low). Below there lies the .9257 support level (August 24, 2015 spike low).
However, a clean upside break back above .9686/.9796 would stabilize the structure and extend further consolidation under the .9956 reversal high.
Outlook:
Intraday: bearish
Daily: bearish
Weekly: bearish
Monthly: neutral
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