USDCHF Forecast

The USDCHF made another volatile but indecisive movement on Friday. The bias remains neutral in nearest term. However note that the major scenario remains bearish and any upside movement now should only be considered as a counter trend/corrective moves. The fact that the upside pressure is limited so far could end the upside consolidation phase and continue the major bearish scenario testing 0.9230 especially if price able to make a clear break below 0.9267 and keep the bearish scenario targeting 0.9100 – 9.000 remains strong. On the upside, a clear break above 0.9368 (which has been a strong intraday resistance since March 08) would trigger further bullish correction testing 0.9435 resistance area.

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