USDCHF – Halts Declines, Set To Recover Further.
USDCHF: With USDCHF halting its corrective declines to close higher the past week, it faces further bull pressure in the new week. This will leave the pair next upside target at the 0.9896 level where a violation will expose its weekly 200 ema at 0.9924. Further out, resistance stands at its July 2012 high at 0.9970 where a breach will resume its broader medium term uptrend towards the 1.0000 level, its psycho level. We expect the pair to face price hesitation ahead of or at this level. But if broken, the 1.0050 level will be targeted. On the downside, support lies at 0.7665 level. Further down, the 0.9550 level comes in as the next downside objective followed by the 0.9421 level. Below here if seen will aim at the 0.9366 level. On the whole, the pair remains biased to the upside in the medium term though facing corrective risks.
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