USDCHF Forecast

The USDCHF was corrected higher yesterday and traded around 0.8175 at the time I wrote this comment. The bias is neutral in nearest term but overall price is still in a strong bearish outlook as long as price able to stay below 0.8274 which seems to be a best place for a short position with good risk – reward ratio, a tight stop loss above 0.8274. This bullish pullback must be seen as a corrective movement, which is normal after hit a new record low at 0.8098 on Wednesday but only a clear break back above 0.8274 could be a threat to the strong bearish intraday outlook. Immediate support is seen around 0.8133 (current low). A clear break below that area could trigger further bearish pressure testing 0.8098 even lower, aiming for new record lows around 0.8000.

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