USDCHF Forecast

The USDCHF gapped down earlier today after the Spain’s bailout created broad US Dollar weakness, opened at 0.9497. The bias is bearish in nearest term testing 0.9400 but I doubt that the current risk appetite sentiment will continue and expect US Dollar to regain its strength. Immediate resistance is seen around 0.9575. A clear break above that area could lead price to neutral zone in nearest term but we need a clear break and daily close at least above 0.9650 to end the current bearish correction phase.

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