USD/CHF: Weekly Technical Analysis For May 9-13, 2016

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The USD/CHF pair declined further last week but met support at 0.9543 and rebounded immensely since then. Considering bullish convergence condition in 4 hours Stochastic, 0.9543 could be at least a short term bottoming.

Initial bias this week remains on the upside as 21 and 55 EMA is crossed northward with SSRC indicator signalling a high probability of more bullish momentum in the pair. More rise to 0.9795 resistance is expected this week. Break of 0.9795 resistance will bring further rise to 0.9912 resistance.


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