USDCHF Forecast

The USDCHF continued its bearish intraday bias yesterday but still unable to make a clear break below 0.8779 so far. The bias is bearish in nearest term especially if price able to make a clear break below 0.8779 which is my “neckline” of the H&S formation testing 0.8710 even could open the door for further bearish pressure retesting 0.8555. Immediate resistance at 0.8850. A clear break above that area would lead us to neutral zone in nearest term testing 0.8900 but only a clear break above 0.8950 could cancel the H&S bearish scenario and lead us to a new bullish phase.

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