The Week Ahead Aug 23 -2014 - Written by Mohammed Isah
USDCHF: Bullish, Targets Further Upside
USDCHF: With USDCHF reversing its two-week losses to close higher the past week, further upside is likely in the new week. On the upside, resistance resides at the 0.9156 level where a break will aim at the 0.9180 level. Further out, resistance resides at the 0.9200 level. A breather may occur here and turn the pair lower. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 0.9100 level with a break targeting the 0.9050 level and then the 0.9000 level. Further down, support comes in at the 0.8950 level. A cut through here will target the 0.8950 level where a violation will open the door for more weakness towards the 0.8900 level. All in all, the pair remains biased to the upside.