USDCHF Forecast

The USDCHF attempted to push lower yesterday, bottomed at 0.8686 but further bearish pressure was rejected and closed higher at 0.8729. The bias is neutral in nearest term but still within a context of a strong bearish outlook still targeting 0.8600 – 0.8500 area. Immediate resistance remains around 0.8779 and the upper line of the bearish channel. A clear break above the bearish channel could trigger further upside pullback testing 0.8900 resistance area but I still prefer a bearish scenario at this phase.

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