USDCHF-bullish bias–Falling wedge breakout supports upside

FX:USDCHF   U.S. Dollar / Swiss Franc
16 0 3
USDCHF@ 0.9929 - weekly bullish bias – Falling wedge breakout support zone should hold ahead of further upside

USDCHF             rallied over 500 bps             over the last four weeks (starting from 0.9443 May 2, 2016 weekly low), retracing 61.8% of the 1.0256/0.9443 fall. The bullish bias remains as all the indicators are still pointing upwards. While the 0.9796/0.9740 support zone (April 18 2016 weekly high/May 16, 2016 weekly low) holds the pullback, the next upside target is 1.0092 (near 76.4% of the 1.0256/0.9443 fall). Above there would allow the pair to challenge the 1.0256 (January 25, 2016 YTD peak), just shy of the 1.0328 area (November 23, 2015 multi-year high).
However, failure to hold the 0.9740 area near the falling wedge breakout point would turn the bullish bias to neutral and suggest that further consolidation is likely near term towards the 0.9443 low.

Intraday: bullish
Daily: bullish
Weekly: bullish
Monthly: neutral
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