USDCHF Forecast

The USDCHF break above 1.0700 following temporary Euro weakness as a reaction of the lack of detail on EU rescue plan for Greek, topped at 1.0782 but closed lower at 1.0703. The bias is neutral in nearest term since I think we do not have a clear direction so far and I prefer to stay away for now. Expected (new) range at 1.0790 – 1.0600. Break on either side will give a clearer direction towards 1.0850 – 1.0900 or towards 1.0507 area.