Dominant bias: Bearish
This market, which was in an equilibrium phase for a few weeks, experienced further weakness last Thursday. Price dropped by 180 pips, closing below the resistance line at 1.1200. While price might saunter into the territory below the resistance line at 1.1100, it may not be able to go down further from there. The outlook for the EUR is bullish for this week, and therefore, price may rally by 100 – 200 pips any day in the week.
Dominant bias: Bullish
One would expect that USDCHF would go northward seriously, just as EURUSD went southward seriously. However, the bullish movement on USDCHF has been limited, for bears are making effort to drag the pair lower. Should price fail to go above the resistance level at 0.9550, it may experience some bearish correction which may take the price lower towards the support levels at 0.9500 and 0.9450.