USDCHF Forecast

The USDCHF was corrected lower yesterday, bottomed at 1.0292 and closed at 1.0317. The pair is consolidating after significant bullish last week and the bullish scenario should remains intact. The bias is neutral in nearest term. CCI in overbought area and heading down on daily chart indicating potential further downside correction testing 1.0230 area. Break below that area should trigger further bearish momentum testing 1.0120 – 1.0160 and should be seen as a serious threat to the bullish outlook. On the upside, 1.0450 remains potential bullish target.