USDCHF_2021-12-07 - H4

Tuesday, December 7, 2021 7:48 AM

The USDCHF pair has entered a bearish phase by hitting the channel ceiling and is likely to fall to low levels such as 0.9167. Nevertheless, the fundamental backdrop supports prospects for additional near-term gains and a move towards testing the next relevant hurdle near the 0.9265-70 region. The pair once again showed some resilience below the very important 200-day SMA and attracted fresh buying near the 0.9160 area on the first day of a new week. USD/CHF can break below support before the NY close, which seems unlikely as volumes decline into the weekend, it seems the pair will be consigned to enter next week within the same 0.9150-0.9220ish range that has prevailed all week.