GBPCHF: Maintains Upside Bias, Sets The Tone For Further Strength (Special Focus).
GBPCHF: With GBPCHF following through higher on the back of its previous week gains to reverse its three-day weakness and close above the 1.4447 level, its Oct 07’2011 high the past week, further strength is expected in the new week.In such a case, its April 19’2011 high at 1.4702 level will come in as the next upside target with a clearance of there allowing for more bull pressure towards the 1.5179 level, its April 06’2011 high. Its weekly RSI is bullish and pointing higher suggesting further strength. Conversely, on any correction, the cross will target its May 20’201 high at 1.4363 where a loss will open the door for further declines towards the 1.4296 level, its May 22’2011 high and subsequently the 1.3710 level, its Sept 20’2011 low. All in all, with the cross maintaining its corrective recovery tone set from the 1.1465 level, risk of further upside gain is envisaged in the new week.