USDCHF@ 0.9747 - bias – reversal last week signals more upside
USDCHF reversed sharply higher off last week’s .9521 low (June 24, 2016) to form a near-term 3-day bottom. Further strength above .9802 would extend the momentum towards .9956 next (May 30, 2016 weekly high). Above the latter would confirm a higher base at .9521 and open the scope for a 1.0092 retest (March 7, 2016 weekly lower high).
However, back below .9521 would turn the structure negative and move towards 0.9443 (May 2, 2016 YTD low).