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USDCHF Rallies, Eyes Further Upside

USDCHF: With USDCHF taking back its two-week losses to close higher at the end of the week, risk of more strength is expected in the new week. This view is consistent with its broader medium term uptrend. On the downside, support comes in at the 0.9700 level. A turn below here will open the door for more weakness to occur towards the 0.9624 level and then the 0.9450 level. Conversely, resistance resides at the 0.9900 level with a breach targeting the 0.9950 level. A breather may occur here and turn the pair lower but if taken out, expect a push higher towards the 1.0000 level. Its daily RSI is bullish and pointing higher suggesting further upside. All in all, USDCHF rallies with risk pointing to its key resistance at 1.0000. It remains biased to the upside in the medium term.

USDCHFWeekly

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