Like USD/JPY, USD/CHF saw an extremely bullish move early last week. Although price had closed below our weekly trends during the week prior, this now appears to have been a bearish fakeout, with price returning back up to the 0.9190 level. Price was then held in place by the descending daily trend line from the 25th Sept and 2nd Nov highs. As a result of the strong bullish move early in the week, there is little in the way of 4H structure. We, therefore, look to the daily to try and ascertain where price will go this week.
Daily structure still dictates that we are in an overall bearish trend with lower highs and lower lows being created on the daily timeframe. This week could see a return of price back to the weekly supporting trend and the 0.9035 level. If at any point price breaks above the latest daily resistance trend, and above the support at 0.9190, we could then expect price to continue up to 0.9270. However, this scenario is probably the less likely. Our view is still quite bearish for this pair.
Daily structure still dictates that we are in an overall bearish trend with lower highs and lower lows being created on the daily timeframe. This week could see a return of price back to the weekly supporting trend and the 0.9035 level. If at any point price breaks above the latest daily resistance trend, and above the support at 0.9190, we could then expect price to continue up to 0.9270. However, this scenario is probably the less likely. Our view is still quite bearish for this pair.