USD/CHF is still residing inside the corrective structure of 0.9440-0.9750 area. Recently, USD has shown a good amount of bullish pressure against CHF which has led the price towards the edge of resistance level of 0.9750. Yesterday, we saw bullish rejection which indicates further bearish pressure. Today, KOF Economic Barometer report was published with better than expected figure at 105.8 from the previous figure of 104.2 which was expected to be at 105.5. The positive report helped CHF to hold the gains against USD today. On the USD side, today Core PCE Price Index report is going to be published which is expected to increase to 0.2% from the previous value of 0.1%, Personal Spending report is expected to show a decrease to 0.1% from the previous value of 0.3%, Personal Income is also expected to decrease to 0.2% from the previous value of 0.4%, Chicago PMI report is expected to show a decrease to 58.6 from the previous figure of 58.9 and Revised UoM Consumer Sentiment is expected to be unchanged at 95.3. The economic reports from the US are expected to be mixed today. So, a series of negative report is expected to lead to further CHF gains over USD in the coming days. A new rate hike will hardly be announced until December 2017, thus USD seemed quite neutral with the recent gains which may lead to further bearish pressure in the pair in future.
Now let us look at the technical chart. The price is currently residing below the resistance level of 0.9750 after being rejected by bulls off the level yesterday. Currently, the price is expected to show some bearish pressure towards 0.9440 in the coming days as the price remains below 0.9750. As of the trend, there are good chances of a bearish trend continuation in the coming days.
