Here’s the market outlook for the week:
Dominant bias: Bearish
This pair moved sideways last week, with no major bearish or bullish movement, though the overall bias remains bearish. There are support lines at 1.0000, 1.0950 and 1.0900. The support line at 1.1000 is a formidable barrier, and should price go below it, the support lines below it could be tested. On the other hand, there are resistance lines at 1.1150, 1.1200 and 1.1250, which could also be tested when bulls become strong enough to effect any short-term rally. The outlook on the market is bearish for this month; whereas that does not rule out bullish attempts this week.
Dominant bias: Bullish
USDCHF was able to move further upwards last week. Bulls achieved a feat when they pushed price above the support level at 0.9800 (which used to be an obstacle to them).