USDCHF Forecast

The USDCHF was corrected lower yesterday, bottomed at 1.0789 and closed at 1.0818. On daily chart below we can see that actually in longer term outlook, the pair is still in range bound area. A breakout above 1.0940 should confirm further bullish scenario. However, a break below 1.0750 could bring the pair back testing 1.0589 area. The market is likely to wait for FOMC meeting tomorrow before take the next steps, so it’s better to stay out for now. I am expecting a choppy market between 1.0750 – 1.0850 today.