USDCHF: Strengthens For Third Consecutive Week

USDCHF – With continued bullish offensive seen the past week, USDCHF looks to extend that gain in the new week. This is coming on the back of a strong third consecutive week of bullishness. This development has exposed the 0.9716 level, its weekly 200 ema where a violation will aim at the 0.9789 level and ultimately the 0.9838 level, its Jun 2013 high. A cut through here will resume its broader medium term bias and open the door for a move higher towards the 0.9900 level and then the 0.9970/1.0000 levels. Its weekly RSI is bullish and pointing higher supporting this view. On the downside, the pair will have to retake the 0.9438 level to reverse its last week gains and then turn risk towards the 0.9303 level. Further down, support comes in at the 0.9130 level. On the whole, the pair looks to extend its bullishness in the new week.