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EURCHF: Rallies Sharply, Bullish Into The New Week.


EURCHF – Outlook on EURCHF remains to the upside nearer term after reversing its three-week gains to close at 1.2332 at the end of the week.This is coming on the back of a halt of its broader weakness and a rally off the 1.1805 level, its 2011 low. With that said, further upside gains is expected to follow through higher in the new week with the next resistance standing at the 1.2468 level, its Mat 24’2011 high. Further out, resistance comes in at the 1.2646 level, marking its May 20’2011 high. Its weekly RSI is bullish and pointing higher suggesting further gains. Alternatively, the cross will have to return below the 1.1805 level to annul its present bullish offensive and bring further weakness towards the 1.1700 level and the 1.1600 level, all representing its psycho levels.