A 3rd positive weekly performance in a row last week for USDCHF. This move was dominated by Thursday’s exceptional demand but the key element was the support offered by the trend defining 13 day moving average.
Prices are tracking the tops of both the daily and weekly Keltner channels and the market has now corrected more than half of the 2013-14 fall. Overbought extremes may inhibit initial upside but we look for this week's trading to be dominated by a 'Buy on Dip' scenario with potential to .9405.
