USDCHF Retains Bullish Offensive But With Caution

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FXTechstrategyTeam
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FXTechstrategyTeam  

USDCHF: The pair followed through higher the past week on the back of its previous week long-tailed candle formation. This keeps the immediate outlook higher. However, its immediate challenge is to break and hold above the 0.9823 level. That level was rejected at the end of the week suggesting more price hesitation or even a move lower may dominate price action in the new week. On the upside, resistance lies at the 0.9843 level with a breach targeting the 0.9900 level. If this level is taken out, expect a push further higher towards the 1.0000 level. Its weekly RSI is bullish and pointing higher suggesting further strength. 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 0.9650 level and then the 0.9600 level. Further down, support comes in at the 0.9550 level. All in all, the pair remains biased to the upside in the short term.

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