USDCHF Forecast

The USDCHF had a significant bearish momentum last week, broke below 0.8274 and hit a new record low at 0.8080. There were some upside pullback earlier today hit 0.8171 but as long as price moves below 0.8274 my overall intraday bias remains to the downside, aiming for a new record low around 0.8000 and any upside pullback now is normal. As you can see on my daily chart below, the major bearish movement is characterized by some breakdowns to some support levels which become resistance levels. From this point of view, as long as price stays below 0.8274 (former support) the downside pressure should remains strong. Immediate resistance is seen at 0.8200 followed by 0.8274.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.