USDCHF Forecast

The USDCHF had a bullish correction last week but overall price still trapped between 0.8555 – 0.8274 for more than a month now which can easily seen on the weekly chart suggests a consolidation phase. The major scenario remains strongly to the downside as long as price stays below 0.8555. The bias is bullish in nearest term testing 0.8555. Aggressive intraday traders can still activate their bullish mode but on the other hand can short around 0.8555 with tight stop loss as a clear break above 0.8555 would be a threat to the major bearish scenario and continue the bullish correction. Immediate support at 0.8400. A clear break below that area could stop the current bullish intraday outlook and trigger further bearish pressure retesting historical low 0.8274.

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