Chart of the Day USD/CHF 22

The USDCHF is currently showing signs of weakness across multiple timeframes trading below key moving averages. Having taken out yesterday’s low at 0.95554, other indications are supporting this bearish bias. On the daily timeframe, the price is trading below the wedge formation created through the connection of the trendlines drawn from the lows on 14.04.2020, tested on 01.05.2020 as well as on 04.06.2020 and 05.06.2020. Price has been unable to test the high made on 14.04.2020 indicating further weakness. There is, however, a larger wedge from 30.03.2020 which was tested on 05.06.2020. This could potentially cause the price to stall or lead to a reversal. However, if the bias is indeed bearish based on the higher time frames, there is the potential to see the price move to as low as 0.9350. At present, the anticipated profit target for the current price move is 0.94825.