USDCHF Forecast

The USDCHF attempted to push lower yesterday but whipsawed to the upside and closed higher at 0.8402 after another rejection to move below 0.8325 strong support area. The bias is neutral in nearest term. Immediate resistance at 0.8460. A clear break above that area could change the intraday bias back to bullish retesting 0.8555. On the downside, only a clear break below 0.8325 could continue the bearish scenario and aggressive intraday traders can have a long position if price revisit that support again with a good risk – reward ratio.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.