USDCHF Forecast

The USDCHF continued its bearish momentum yesterday, bottomed at 0.9539 and closed at 0.9548. The CCI bearish divergence gave us a valid bearish warning. The bias is bearish in nearest term especially if price able to make a clear break below 0.9525/00 testing 0.9400 – 0.9320 key support area. Overall I still prefer a bullish scenario at this phase but the current bearish correction phase turns my medium outlook to a neutral zone and short term outlook to a bearish bias. I will stand aside for now. On the upside, we need a clear break at least back above 0.9650 to end the current bearish correction and reactivate my bullish mode.

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