USDCHF Poised For Further Declines

USDCHFH1 (1)

The US Dollar after struggling to settle above 0.9700 against the Swiss Franc moved down. The USDCHF pair broke a bullish trend line on the hourly chart at 0.9650 and also breached the 100 hourly simple moving average.

The pair is currently following a descending channel with resistance at 0.9660 on the same chart. The pair is likely to extend declines in the near term towards the channel support at 0.9620.
Any further declines could take the pair towards the 0.9600 handle. Overall, selling rallies can be considered as a long as the pair is below 0.9670 and the 100 hourly simple moving average.
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