USD/CHF has been in a corrective volatile structure recently. Amid the long running bearish trend in place, the bearish bias is expected to continue for few more days. Today, Switzerland's Seco Consumer Climate report was published which was negative at -8, much worse than the expected positive value of 3. On the other hand, the US unemployment claims report is going to be published today where the number of claims is expected to decrease to 246k in April from 257k in March. The US Trade Balance is expected to be at -44.9B which previously was at -43.6B. Besides, Factory Orders are also expected to decrease to 0.6% which was expected to be at 1.0%. Currently, CHF has been quite powerful against USD despite a negative economic report from Switzerland today. If the US reports come out as negative today, we might see further bearish pressure in this pair to push the price down a little bit more.
Now let us look at the technical chart. The price is currently residing between the corrective structure of 0.9890 to 0.9960. Amid the long running bearish trend in place, the pair is expected to move more downward to 0.9800 in the coming days. The bearish bias is expected to continue in this pair until the price breaks above 0.9960 resistance level with a daily close.
