USDCHF Forecast

The USDCHF had a significant bullish momentum on Friday as Dollar rallied strongly after much better than expected employment numbers. Technically on h4 chart below, a false breakdown from my trendline support area (blue) triggered a significant bullish momentum, break above my trendline resistance (aqua, now support), topped at 1.0190 and closed at 1.0164. Although the bearish scenario is in a serious threat, I think it’s too early for a bullish reversal scenario. I think we are in critical phase and I prefer to stand aside for now. Immediate support at 1.0120 and the trendline support area (aqua, former resistance). Break below that area should keep the major bearish scenario intact. Initial resistance at 1.0207 area. Break above that area could be the beginning of bullish reversal scenario at least towards 1.0337 area.