USD/CHF Bearish as Shooting Star Forms; Eyes 0.8000
USD/CHF retreated from a two-day high of 0.8120 after weak US data, forming a shooting star pattern. The pair now targets the 0.8000 support level as the dollar weakens.
The USD/CHF pair pulled back sharply from its two-day high of 0.8120, settling near 0.8035. The price action formed a shooting star candlestick, a classic bearish reversal signal, adding to downside pressure.
Weaker-than-expected US economic data weighed on the US Dollar, with the DXY index falling 0.55% against a basket of six major currencies. This fueled the selloff in USD/CHF and shifted the short-term bias lower.
From a technical perspective, the bearish pattern suggests further decline could follow. The next key target for sellers is the psychological 0.8000 level, with momentum favoring the downside as long as prices remain below the recent high.
Source: FXStreet Forex News