The USDCHF had a bullish momentum on Friday, topped at 1.0562 and closed at 1.0534. The bearish pressure seems to losing some momentum as price is ready to test the major bearish channel. Violation to the bearish channel could be a serious treat to the major bearish outlook. Immediate resistance at 1.0650/70. Break above that area could trigger further upside pressure testing 1.0750. Initial support at 1.0399. Break below that area should keep the major bearish scenario intact testing 1.0320 and 1.0220 region.
©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.