USD/CHF: What to expect next week ?
USD/CHF is in a a correction phase since mid-November.
The weekly chart shows that prices this last week attempted to hold TS but were rejected. KS’s slope is horizontal indicating the momentum is slowing down. It is likely that prices will try to reach KS, at 0.97885. Lagging Span (LS) is also free of any support confirming this setup might be possible. Should this level not hold, the next support is @ 0.95976 which is the top of the cloud and the extension of KS.
Let’s check the daily to identify if there are some closer supports.
The Daily shows prices opened on KS but did not hold and eventually finessed the session with a nice bearish candle. The next support is 0.98990 then 0.98663, 0.98488. Should this level not hold, the next support is 0.97885 (weekly KS).
In case 0.98990 is broken we have a bearish scenario with prices which will tend to move to the weekly KS.