The USDCHF was corrected higher on Friday after failed to consistently move below 1.0500 support area. This fact may lead us into bullish correction phase testing 1.0750 region but the major scenario remains to the downside and only a violation to the bearish channel could be a serious threat to the bearish scenario and I don’t think now is a good time for long trade. Immediate support at 1.0544 (current low). Break below that area could trigger further bearish pressure testing 1.0500. We need a consistent move below 1.0500 to continue the bearish scenario testing 1.0400 and 1.0220.
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