USDCHF Forecast

The false breakout from the range area on Tuesday proved to lead further bearish momentum for the USDCHF yesterday, bottomed at 1.0125 and closed at 1.0147. However, early today in Asian session the pair rebound to the upside and now back inside the range area. Although I prefer a bearish scenario at this phase, I think it’s not the best time to trade now. While technically we need consistent move below 1.0166 area to confirm bearish scenario re-testing 1.0000/40 area, on fundamental side focus is now at ECB conference today. Technical bearishness should get support if we have optimistic statement from the ECB.