Dominant bias: Bullish
This pair moved sideways from Monday to Friday, in the context of a downtrend. The downtrend was forcefully overturned as the pair shot skywards by 220 pips on Friday, closing at 1.1365 on the same day. The bias has turned bullish, but there is a great challenge for bulls this week. While the pair could go further north, there would be a serious bearish correction when USD gains stamina versus EUR. The outlook on EUR is bearish for this month. EUR could be become weak versus other currencies – and USD is no exception.
Dominant bias: Bearish
USDCHF tested the resistance level at 0.9950 several times last week, but it could not stay above it (let alone reaching the resistance level at 1.0000, which is a parity area). Price consolidated till Friday and then broke downwards, almost reaching the support level at 0.9750.