USDCHF Forecast

The USDCHF made another upside attempt yesterday, topped at 1.0660 but still closed below 1.0640 indicating limited upside momentum. The bias remains neutral in nearest term. The bearish correction scenario remains intact and only a consistent move above 1.0640 and violation of the bearish channel could end the bearish correction and back to its major bullish scenario testing 1.0888 area. On the downside, initial support at 1.0507. Break below that area should trigger further bearish pressure testing 1.0420 region.