USDCHF Forecast

The USDCHF attempted to push higher yesterday, topped at 1.0719 but further bullish momentum was rejected as price close lower below 1.0700 area. This fact should keep my range scenario (1.0700 – 1.0507) intact and the best strategy remains to short around 1.0700 or to long around 1.0507 with a tight stop loss. Eyes on co-relation with the Euro today. If the Brussels summit able to satisfy the market and Euro rally, the USDCHF should heading lower testing 1.0507 area. On the other hand, if EU fails to give a good answer and Euro suffers further losses, the pair should have a significant bullish momentum targeting 1.0850 area before testing 1.1000.