USDCHF could be due for a long-term reversal from its slide as price has formed a triple bottom pattern on its 4-hour chart. Price also seems to have broken past the neckline around the .9750 minor psychological mark.

This confirms that a reversal is bound to take place, possibly lasting by the same height as the chart formation. The triple bottom spans .9625 to .9750 or around 125 pips.

The 100 SMA is attempting to make a bullish crossover to confirm that buyers are about to take over from here. Price is already above both moving averages as an early indicator of bullish momentum, suggesting that these could hold as dynamic support in the event of dips.

Stochastic is already indicating overbought conditions or exhaustion among buyers but has yet to turn lower to signal a return in bearish pressure. If that happens, another dip to the bottoms might follow.

The dollar has been on a tear in the previous week as US data mostly surprised to the upside and led several analysts to predict that the economy could be immune to current setbacks. Jobs data and business sentiment surveys signaled that the US is holding its own and might be poised to emerge as the strongest of the bunch, even with headwinds from the coronavirus outbreak.

Besides, the US currency is also functioning as a safe-haven while traders move out of riskier holdings like stocks and commodities. Worsening headlines on the outbreak and its death toll could keep demand for the lower-yielding currency supported, even against the likes of the Swiss franc.

There are no major reports due from the Swiss economy this week while the US has retail sales figures due. Upside surprises could mean more gains for the US currency but analysts are wary that spending may have taken a hit in the past month.