USDCHF Forecast

The USDCHF was volatile yesterday but overall still able to maintain its bearish correction intraday bias. There are no changes in my technical outlook. The bias remains bearish in nearest term but as long as stays above 0.9320 I still prefer to buy on dips with stop loss below 0.9320. Immediate resistance is seen around 0.9437 (yesterday’s high). A clear break above that area could lead price to neutral zone in nearest term retesting 0.9500 which need to be broken to continue the bullish scenario testing 0.9600. On the downside, a clear break and daily close back below 0.9320 would activate my wait and see mode as direction would become unclear with a bearish intraday bias.

width=480px

©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.