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The USD/CHF pair is moving sideways in the short term, trying to accumulate more bearish energy before extending its sell-off. The bias remains bearish, so more declines are natural. Unfortunately, the Dollar Index is trading in the red in the short term. A deeper drop should weaken the USD.
The greenback is bearish after Canadian Retail Sales reported a 0.1% drop as expected, while Core Retail Sales increased by 0.1% even if the specialists expected a 0.1% drop. The USD dropped as the figures came in worse compared to the previous reporting period.
Technically, the rate registered a major decline between the median line (ml) and the upper median line (uml).
Now, it has taken out the historical level of 0.8931 but it has found support on the weekly S2 (0.8910).
Dropping and closing below the S2 (0.8910) activates more declines. This is seen as a bearish signal. The median line (ml) is seen as the first downside target.
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