USDCHF Forecast

The USDCHF attempted to push higher yesterday, topped at 0.9523 but closed lower at 0.9459. The bias remains bullish in nearest term as we are still in a bullish correction phase but unless price breaks above the falling wedge formation and convincingly move above 0.9600 (nearest term bullish target) the major bearish scenario remains intact. Immediate support at 0.9400. Break below that area could trigger further bearish pressure re-testing 0.9300 key support area. I will keep stand aside for now and see further development.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.