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USDCHF: The pair closed higher the past week leaving risk of more strength on the cards. However, with pullback seen on Friday (see daily chart), further downside pressure is likely in the new week. On the downside, support lies at the 0.9850 level. A turn below here will open the door for more weakness towards the 0.9800 level and then the 0.9600 level. Further down, support resides at the 0.9750 level. Its weekly RSI is bullish and pointing lower suggesting further weakness. On the upside, resistance resides at the 0.9950 level where a break will clear the way for more strength to occur towards the 1.0000 level. Further out, resistance comes in at the 1.0050 level. All in all, USDCHF remains weak and vulnerable to the downside.
