FundamentalOverviewThe USD has weakened prettymuch across the board last week despite a strong US ADP and ISM Services PMI. As mentioned previously, whenmarkets react like that it’s generally a signal of a short-term top with themarket needing more to keep the trend going. In fact, the market pricingis now showing a 63% probability of a December cut, which is about right. TheNFP and CPI reports will have the final say, and hopefully we will get thembefore the next FOMC decision.On the CHF side, nothinghas changed. The SNB left interest rates steady and kept everything unchangedat the last meeting. SNB’s members continue to repeat that the bar for negativerates is high, and Chairman Shlegel recently said that he expects inflation torise slightly in the next quarters. We got a soft Swiss CPI report last week which weighed a biton the CHF, but it didn’t change anything for the SNB. USDCHFTechnical Analysis – Daily TimeframeOn the daily chart, we cansee that USDCHF fell back below the key 0.8073 level. The sellers piled in witha defined risk above the 0.8073 level to extend the pullback into the upwardtrendline. If we get there, we can expect the buyers to lean on the trendlinewith a defined risk below it to position for a rally into the 0.8171 levelnext.USDCHF TechnicalAnalysis – 4 hour TimeframeOn the 4 hour chart, we cansee that we have a downward trendline defining the current pullback. The sellerswill likely continue to lean on the trendline to keep pushing into new lows,while the buyers will look for a break higher to pile in for a rally into the0.8171 level next.USDCHF TechnicalAnalysis – 1 hour TimeframeOn the 1 hour chart, we cansee that the price broke below the minor counter-trendline this morning. Thesellers might have more conviction to keep pushing into new lows here, whilethe buyers will want to see the price breaking higher to start targeting the0.8171 level. The red lines define the average daily range for today. UpcomingCatalystsThis week is pretty empty on the data front. We just have the weekly US ADPdata tomorrow. This article was written by Giuseppe Dellamotta at investinglive.com.