USDCHF: Strengthens On Further Recovery.
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USDCHF – As referenced in our previous week analysis, USDCHF strengthened further for a second week in a row leaving risk of more gains on the cards in the new week. If this occurs expect the pair to push higher towards the 0.9625 level where price hesitation may happen. However, if that level is broken, It will pave the way for a run at the 0.9720 level, represent its weekly 200 ema and then the 0.9838 level. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, the risk to our analysis will be a return to the downside towards the 0.9303 level where a violation will aim at the 0.9130 level. Further down, support resides at the 0.9100 level. On the whole, the pair is maintaining a recovery tone in the short term.