USDCHF Remains Bullish On Correction

21 May 2016, 04:02
FXTechstrategy
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USDCHF: Having the pair closed higher the past week, we expect it extend that recovery in the new week. On the downside, support lies at the 0.9800 level. A turn below here will open the door for more weakness towards the 0.9750 level and then the 0.9700 level. On the upside, resistance resides at the 0.9950 level where a break will clear the way for more strength to occur towards the 1.0000 level. Further out, resistance comes in at the 1.0050 level. Its weekly RSI is bullish and pointing higher suggesting further strength. All in all, USDCHF remains biased to the upside on price strength.

 


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