Since the beginning of the year the currency lost almost 5.0% however last week managed to stay afloat with a minor drop of almost 0.4% and is in a bearish phase since mid-May. Last week the USDCHF tried to rise but found enough selling pressure near 0.9770 to erase all of its gains and closed in the red, near the low of the week, in addition closed within the previous week range, which suggests being slightly on the bearish side of neutral. The stochastic crossed above the extreme oversold zone and is showing bullish momentum. Expecting a downward move to a weekly support at 0.9614 on a bounce from the upward trend line at 0.9838 (scenario 1) nevertheless a break below the previous week low at 0.99675 could trigger another bearish run on the currency pair down to a weekly support at 0.9614 (scenario 2).