USDCHF Forecast

The USDCHF continued its bearish correction yesterday bottomed at 0.9554 and closed at 0.9596. The bias remains bearish in nearest term and my wait and see mode is now activated as I have conflicting multi time frames technical bias. However, as you can see on my daily chart below price still move above the falling wedge and testing the upper line so actually the bullish reversal scenario should remains intact unless price go back inside the wedge. 0.9523 level is an important support at this phase and price could be consolidating between 0.9523 – 0.9782 range area. Aggressive intraday traders can long around that support level as there is a good risk – reward calculation there. A clear break below 0.9523 would cancel my bullish outlook and keep the intraday bias in a bearish view testing 0.9450 even lower.

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