USDCHF: With USDCHF rallying off the 0.8702 low to close higher the past week, it now faces the risk of further strength in the new week.
Further out, resistance resides at the 0.8900 level where a break will pave the way for a run at the 0.8952 level. This level if broken will aim at the 0.9000 level with a close above here setting the stage for move higher towards the 0.9050 level.
Its weekly RSI is bullish and pointing higher suggesting further strength. Conversely, its support at the 0.8800 level comes in as the next support followed by the 0.9742 level. A cut through here will set the stage for a run at the 0.8700 level and subsequently the 0.8650 level.
All in all, the pair remains biased to the downside in the medium term but faces recovery risk.
Guest post by FX Tech Strategy