USDCHF: Builds On Bullishness, Price Extension Likely Towards 0.9340 And Beyond.
USDCHF: With a rally putting the pair firmly above the 0.9180 level, its Sept 22’2011 high at the end of the week, USDCHF is going into the new week on a strong footing with further bullish offensive expected. The pair had embarked on a recovery off its 2011 low at 0.7068 following its long term weakness, correcting slightly in late Aug’2011 and in early Sept’2011. With its short term uptrend intact, we look for the pair to strengthen further in the new week and target the 0.9340 level, its April 01’2011 high. A decisive break and hold above there will aim at the 0.9503 level, its Feb 22’2011 high with a violation of that level turning focus to the 9772 level, its Feb 11’2011 high. Its weekly RSI is bullish and pointing higher suggesting further strength. Alternatively, the 0.9180 level, its Sept 22’2011 high comes in as the nearby support with a turn below there targeting the 0.8928 level, its Sept 12’2011 high. A reversal of roles as support is expected to occur here but if that fails, its Sept 15’2011 low at 0.8647 level will come in as the next support. All in all, the pair remains biased to the upside in the short term.
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