USDCHF Forecast

The USDCHF was indecisive yesterday. Price attempted to push lower, bottomed at 0.9088 but closed higher at 0.9121 with relatively low volatility. The bias is neutral in nearest term and there area no changes in my technical outlook. Price has been moving sideways in the last two weeks but overall I still prefer a bearish scenario as a part of the bearish phase since the failure to break above 0.9600. On the downside, a clear break back below 0.9100 could trigger further bearish pressure testing 0.9050 but need a clear break and daily close below that area to continue the bearish scenario at least targeting 0.8950. On the upside, a clear break and daily close above 0.9200 could trigger further bullish pressure testing 0.9320 key resistance area.

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