I’m not going to keep beating the dead horse on this subject but this is one of those pairs which continues to highlight that the dollar may be vulnerable to a further breakdown. The pair fell through the floor of 0.8800 and its 2021 lows last week and is now trading to its lowest levels since January 2015:
USD/CHF weekly chart
That is not leaving a lot of technical guidance for now as mentioned last week:
“The rout will stop when it stops. It’s now a case of being wary not to catch a falling knife, especially since the dollar is looking like it is set to fall further against other major currencies as well.
The January 2015 low is going to be a different level for most people, depending on your broker and which chart source you are looking at. For mine, it is showing 0.8336 but it could be higher or lower for others. As such, this is one of those times where the exact level isn’t going to offer much of a guide as to where the key support might be.
Instead, considering the pocket of space that price action can still fall from here, it puts trading sentiment in a spot where sellers are well in control and as mentioned, the rout will stop when it stops. There’s no point trying to pluck support levels out of thin air from here.”