The USDCHF failed to continue its bullish momentum yesterday bottomed at 0.8781 and closed at 0.8800. The bias is bearish in nearest term but note that overall price still trapped in range area of 0.8945 – 0.8779 as you can see on my h4 chart below. Aggressive intraday traders can still short around 0.8945 or long around 0.8779 with tight stop loss. My h4 chart outlook remains more to the upside since the break above the bearish channel but a clear break below 0.8779 could trigger further bearish pullback testing 0.8710 even 0.8555.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.