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.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.