Sharp USDCHF downside rejection targets further gains

Last week saw USDCHF bought to higher levels for a 6th week in a row. Gains were not extensive and price action was distorted by volatility in the CHF as a whole. But Friday’s downside rejection maintained the market above the 13-day moving average and the daily Keltner channel continues to trend positively. Although gains in this currency pair are currently driven by a weak CHF there is no sign of that scenario yet being exhausted.

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