USDCHF Forecast

The USDCHF was indecisive yesterday, formed a Doji on daily chart. Price attempted to push lower, bottomed at 1.0505 but closed higher at 1.0543. The bias is neutral in nearest term but the bearish correction scenario remains intact. Consistent move below 1.0507 area should continue the bearish momentum testing 1.0420 area. However note that as long as price still move inside the major bullish channel, the current bearish momentum should only be seen as a corrective move. Immediate resistance at 1.0600 and 1.0640 area. Break above 1.0640 area could be a serious threat to the bearish correction back to its major bullish direction testing 1.0888 area.