The USDCHF was indecisive yesterday. The bias is neutral in nearest term but the fact that 0.8274 resistance area still hold so far keep my bearish outlook intact and only a clear break above that area could stop my strong bearish intraday outlook. Immediate support remains around 0.8180. A clear break below that area could change the intraday bias back to bearish retesting the record low 0.8080. However note that from a daily chart point of view, as long as price moves above 0.8080, USDCHF is still in a consolidation phase and need a clear break below 0.8080 to continue the major bearish scenario testing 0.8000.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.