USDCHF Eyes More Strength, Closes Strongly

Mohammed Isah FXTechstrategy

USDCHF eyes more strength after closing strongly higher the past week. Resistance stands at the 1.0000 level as the next upside target. A break of here will open the door for more gain towards the 1.0050 level. Above here, resistance comes in at the 1.0100 level and then the 1.0150 level. Its weekly RSI is bullish and pointing higher suggesting more strength. On the downside, support is located at the 0.9900 level. A turn below here will set the stage for more weakness towards the 0.9850 level. And then the 0.9800 level. All in all, USDCHF faces further upside pressure on bull pressure.

Author

Mohammed Isah

FXTechstrategy

Mohammed Isah is a technical strategist and head of research at FXTechstrategy.com, a technical-research Web site. He has been trading and analyzing the foreign exchange market since 2010.

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