USDCHF: Closes Higher, Looks To Resume Corrective Strength

14 May 2016, 02:26
FXTechstrategy
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USDCHF: Having the pair taken back all of its earlier losses for the week to close higher on Friday, more strength is expected in the new week. On the downside, support lies at the 0.9700 level. A turn below here will open the door for more weakness towards the 0.9650 level and then the 0.9600 level. On the upside, resistance resides at the 0.9800 level where a break will clear the way for more strength to occur towards the 0.9850 level. Further out, resistance comes in at the 0.9900 level. Its weekly RSI is bullish and pointing higher suggesting further strength. All in all, USDCHF remains biased to the upside on price recovery.

 

 

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