Last week was dominated by buying interest after the preceding week's price action had led to a close above the 13 week moving average, and the mid-point of the weekly Keltner channel. USDCHF also posted a 3rd up week in a row to reach the most positive levels traded for 11 weeks.
4 of the 5 days posted net gains and although the highs were not entirely held, the profit taking setback from Thursday's peak above .9900 remained limited –held by Tuesday’s Marabuzo line and not threatening the underlying tone.
That positive bias in the background is expected to dominate this week's price action too with buyers likely to use any setback near the Marabuzo line to buy USDCHF with upside target potential to .9953 then 1.0023.
Only below .9790 (or a daily close below the 13 day moving average) would alter my assessment to bearish.
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