The USDCHF continued its bullish momentum last week , bottomed at the 0.8814 levels , broke above the 0.8930 levels , but closed few pips below 0.8930 at the 0.8916 levels .
As a result , outlook in UUSDCHF turns cautiously to the upside , to resume the upside offensive , sustained trading above the 0.8930 levels is needed , If seen , the pair will target the 0.9110 levels where a breach will turn focus on the 0.9230 levels .
On the downside , a failure to hold above the 0.8930 levels could mean a return to the 0.8814 levels , losing this level would open the 0.8698 levels before the next possible rise…
In all , as long as support 0.8698 holds on a weekly basis , the USDCHF will remain based to the upside towards the 0.9110 levels ahead of the 0.9230 levels . Losing the 0.8698 levels would reverse risks towards the 0.8600/0.8500 levels….