The USDCHF had a bullish momentum last week, convincingly broke and close above 0.9320 support area and almost hit 0.9600. The bias remains bullish in nearest term testing 0.9700 – 0.9800 area. Looking back several months ago in August 2011, the current bullish momentum is a part of the bullish reversal scenario after formed the hammer candle stick formation as you can see on my weekly chart below. Immediate support is seen around 0.9500. A clear break back below that area could lead price to neutral zone in nearest term testing 0.9450/00 but any downside pullback now is normal and as long as stays above 0.9320 I still prefer a bullish scenario at this phase.
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