USD/CHF made a new high gain above 0.93731. This level is very important for all bullish traders that are keeping their bullish position still running and also important for traders who are looking for another spot to jump in. This level still needs to be retested but looks t is a good way to conform to 0.93731 as newly found support.
Even thou if this level does not have enough power to hold the price, there is another strong support below and that is 0.9210 which is also Fib Retracement 38.2%.
A bullish trend should be in place as long price stays above the stated level, because it looks like USDCHF is still in the BUY zone and market sentiment represent a greater percentage of bullish traders positioned in this area.
The Week Ahead
Commodity-linked currencies were under mild pressure, as the bullish tone of equities partially offset the greenback’s strength. USDCAD settled at 1.2570, while AUD/USD finished the week around 0.7600. The latter is close to confirming a Head & Shoulder formation and may fall over 400 pips in the next days.