USD/CHF’s prohibit progress?

FXstreet.com (Chicago) - USD/CHF continues navigating around 2-year lows despite last week’s attempt to break through immediate resistance at 0.89.

USD/CHF Technical Levels

Technically speaking, choppy trading this week reveals uneasiness among market participants and the definitive weakening of the dollar throughout the past months with a steady decline and price deterioration throughout November and now December. With primary and secondary trends converging to confirm the bearish sentiment towards the greenback, the attempt is to retake the 0.8880 front. Offered at 0.8878, the pair navigates between the supports aligned at 0.8840 (December 10th lows), 0.8789 (September 20th 2011 lows), 0.8594 (October 30th 2011 lows) and the resistances set at 0.8918 (October 27th lows), 0.8974 (October 4th lows) followed by 0.9031 (November 29th lows). According to the FXstreet.com trend index on one-hour timeframe analysis, the pair is slightly bullish with a neutral EMA20.