Since the beginning of the year, the currency lost over 1.0%, also last week managed to drop almost 0.3% and is in a distribution phase since early January 2018. Last week the USDCHF initially fell with a wide range but found enough buying pressure to erase most of its losses and managed to close near the high of the week, however closed below the previous week low, which suggests a weak bearish momentum. The stochastic is showing an oversold market although is still displaying bearish momentum. Since early December 2017, the currency pair has been in a downward trend however seems that it has found a strong buying pressure near the 200-week moving average and nearby a weekly support at 0.9636. Expecting an upward move to the higher zone of a weekly support at 0.9838 on a break above the previous week high at 0.9684 (scenario 1) nevertheless a bounce from the higher zone of a weekly support at 0.9838 could trigger a bearish run down to a Fibonacci retracement at 0.9636 (scenario 2).