USDCHF Forecast

The USDCHF had a bearish momentum yesterday on broad US Dollar weakness, but found a good support right at the lower line of the bullish channel and 0.9130 support area as you can see on my daily chart below. The bias is bearish in nearest term but note that we need a clear break below the bullish channel and 0.9130 to end the bullish correction scenario and continue the major bearish scenario at least testing 0.9000 – 0.8900. Immediate resistance at 0.9230. A clear break above that area would lead us to neutral zone in nearest term but would keep the bullish correction scenario remains strong testing 0.9368.

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