USDCHF: With the pair reversing most of its previous week losses to close higher the past week, immediate risk remains to the upside. Resistance resides at the 0.9156 level, its Jan 21 2014 high. Further out, the 0.9200 level, its psycho level comes in as the next upside objective where a violation will aim at the 0.9249 level, its Nov 07’2013 high. Its weekly RSI is bullish and pointing higher suggesting further strength. On the downside, the risk to this analysis will be a return to the 0.8902 level, its Jan 24 2014 low. A cut through here will turn focus to the 0.8850 level and subsequently lower towards the 0.8800 level, its psycho level. This downside view is consistent with its broader medium term downtrend triggered from the 0.9838 level. All in all, the pair remains biased to the downside medium term though seen recovering.
Article by www.fxtechstrategy.com
