- US Dollar is in a downtrend against the Swiss Franc, as it is following a bearish trend line on the hourly chart.
- The USDCHF pair settled below the 50 hourly simple moving average, which may encourage sellers in the near term.
- If the pair closes below 50 hourly MA, it may ignite more losses moving ahead. <br>
- In Canada, the Consumer Price Index (CPI) released by the Statistics Canada posted an increase of 0.1% in October 2015, compared with the preceding month.
The USDCHF pair was under pressure during the past couple of sessions and after testing 1.0220 it started to move lower. There is a resistance tend line formed on the hourly chart which is preventing gains in the pair and taking it lower.
The pair is currently making an attempt to settle below the 100 hourly simple moving average, and if sellers succeed in doing so a move towards 1.0120 is possible.
On the upside, an initial resistance is around the 50 hourly SMA, followed by the trend line.
The Canadian Consumer Price Index (CPI), which measures the price movements by the comparison between the retail prices of a representative shopping basket of goods and services was released by the Statistics Canada. The expectation was of a 0.1% rise in October 2015, compared with the preceding month. The outcome was as expected, and even the year-over-year change in the CPI posted an increase of 1% just as the market expected.
The greenback came under the bearish pressure after the release and impacted the risk sentiment.
Overall, as long as the USDCHF pair remains below the highlighted trend line and resistance area it remains at a risk of more declines.