The USDCHF made a significant breakout above the range area yesterday as you can see on my daily chart below and hit 0.9368 earlier today in Asian session. Although overall the major technical bias remains bearish, the bias is bullish in nearest term as price is now entering correction phase testing 0.9435 resistance area. On the downside, only a clear break and daily close below 0.9330 would keep the major bearish scenario remains strong testing 0.9230 before targeting 0.9100 and 0.9000.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.