USD/CHF Price Analysis: It has been a bearish week but the bears did not manage to take out the 0.9376 support

• USD/CHF is trading 0.04% lower in thin volumes on Friday.
• This could be the fourth consecutive daily lower close. 

USD/CHF daily chart

The daily chart below shows a clear bearish trend in USD/CHF. The price is now stuck near the channel low but there is a potential breakout toward the wave low of 0.9376. This could accelerate the downtrend further but on the upside, the psychological 0.95 level could be a target if there is to be a retracement. 

On the bullish side, there has been many shadows (wicks) under the last few candles. A positive sign would be a break of the consolidation high of 0.9532. If the aforementioned level was to break then a test of the blue line just above 0.96 could be next up. 

The MACD is bringing up mixed signals. The signal lines are below the mid-point but the histogram is green. Normally the signal lines are a more reliable indicator of trend and when the histogram opposes them it could just be a retracement. With this in mind watch out for the histogram breaking below into the red again for a trend continuation. The Relative Strength Index has pulled back above the overbought area. There is now some more space for a move lower but conversely, if the 50 level cracks keep an eye on upside targets.

Additional levels