USD/CHF non-volatile bearish trend is still quite intact, so it is expected to push the price much lower in the future. USD has been struggling to gain over CHF since it broke below 1.00 area and still could not manage to strengthen the bulls in this pair. Today, Switzerland's Unemployment Rate report was published with an unchanged value as expected at 3.2% whereas the previous GDP and CPI reports published this week were quite worse in comparison. CHF did lose some grounds against USD recently which was recovered despite the worse than expected Switzerland's economic reports this week. This signals that the market sentiment is on the CHF side without considering any fundamental economic reports. On the other hand, today USD Final Wholesale Inventories report is going to be published which is expected to be unchanged at 0.4% and FOMC Member Harker is going to speak today as well regarding the nation's key interest and future monetary policies. The US economic events are expected to have a quite minimal impact on the market today which does indicate that further bearish pressure and strengthening of CHF is very much possible in the coming days.
Now let us look at the technical chart. The price has currently rejected off the support level of 0.9440 which is expected to show some bullish intervention in this pair on a short-term basis. Currently, the pair is expected to show some bullish move towards the dynamic level of 20 EMA before proceeding further downward with a target towards 0.9050 support area in the coming days. As the price remains below 0.9770 resistance level, the bearish bias is expected to continue further.
