USDCHF Forecast

The USDCHF had bearish momentum yesterday, bottomed at 1.0622 and closed at 1.0649. The bias is bearish in nearest term testing 1.0590 but on daily chart below we can see that actually the pair is moving in rectangle area indicating consolidation (1.0940 – 1.0590). CCI in oversold area and heading up on h4 chart suggesting potential upside pullback testing 1.0750 resistance area. Given such facts, I prefer to stay out for now based on my bad risk-reward ratio. However, a valid break below 1.0590 area should trigger further bearish momentum and continue the bearish scenario towards 1.0360 area.