USDCHF Forecast

The USDCHF had a significant bullish momentum on Friday, topped at 1.0843 and closed at 1.0808 after much better than expected US NFP and Unemployment rate. On h4 chart below we can see that after made a false breakdown below key support 1.0589 the pair whipsawed to the upside, and convincingly break above 1.0750 area. Technically, usually a false breakdown leads to a reversal to the upside. The bias is bullish in nearest term targeting 1.0940 area but remains neutral in medium term. CCI just cross the 100 line down on h1 chart so watch out for potential downside correction testing 1.0750 support area (former resistance).