USDCHF Forecast

The USDCHF attempted to push higher yesterday, topped at 0.9299 but whipsawed to the downside, hit 0.9175 and closed at 0.9191. This fact keeps the bearish scenario since the failure to break above 0.9600 remains intact but note that overall price remains sideways as you can see on my daily chart below. The bias is bearish in nearest term. Immediate resistance is seen around 0.9215. A clear break above that area could lead price to neutral zone in nearest term and could reopen the door for another upside attempt testing 0.9320 key resistance area. On the downside, a clear break below 0.9150 could trigger further bearish pressure testing 0.9100 – 0.9050 support area. I still prefer a bearish scenario at this phase and 0.9320 area remains a good place for a short position.

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