USD/CHF (current price: 0.9546)
The pair has been drifting lower for two weeks now after re-testing the declining 200-day MA in late March. The Swiss Franc, just as the Yen is attracting more and more safe haven buying as global economic worries are getting stronger. USD/CHF has some room for further losses before it hits the lower line of the declining trend channel that roughly coincides with the 0.9475 support level, which represents the October low in the pair.
Our assessment: The Franc declined for 11 sessions in a row, leading to oversold conditions that point to a bounce in the coming week or so, but probably after one or two days of further weakness.
