USDCHF slumped sharply to a low of 0.9085 overnight on the European news, and we still feel that the downside is vulnerable due to the ease which support has broken over the past few days.

With the bears fully in control, watch for strong support still at 0.9085/89 (intraday low), then 0.9066 (30th Nov low), 0.9000 (psychological support), 0.8953 (11th Nov low), 0.8922 (9th Nov low), and 0.8761 (3rd Nov low).

Any subsequent rallies are likely to meet sellers back up through at 0.9149 (downtrend channel top), 0.9176 (17th Feb high) 0.9299 (16th Feb high), 0.9340 (25th Jan high), 0.9381 (23rd Jan high), 0.9413 (19th Jan high), and 0.9497 (18th Jan high).

MT4 - USDCHF slumped sharply to a low of 0.9085 overnight on the European news, and we still feel that the downside is vulnerable due to the ease which support has broken over the past few days.

With the bears fully in control, watch for strong support still at 0.9085/89 (intraday low), then 0.9066 (30th Nov low), 0.9000 (psychological support), 0.8953 (11th Nov low), 0.8922 (9th Nov low), and 0.8761 (3rd Nov low).

Any subsequent rallies are likely to meet sellers back up through at 0.9149 (downtrend channel top), 0.9176 (17th Feb high) 0.9299 (16th Feb high), 0.9340 (25th Jan high), 0.9381 (23rd Jan high), 0.9413 (19th Jan high), and 0.9497 (18th Jan high).

MT4 platform and analysis courtesy of Swissquote bank.

Sign up for a free MT4 demo account to access and follow all the further analysis updates and trade.