The USDCHF continued its bearish momentum on Friday and broke below the trend line support as you can see on my daily chart below. The bias remains bearish in nearest term testing 0.8700 even 0.8550 area especially if price able to make another strong break below 0.8800. Immediate resistance is seen around 0.8915 area (former support). A clear break back above that area could lead price to neutral zone in nearest term but only a clear break back at least above 0.9000 area could end the current bearish phase. From another technical perspective on daily chart, we have a potential H&S formation which can only be cancelled by a movement above 0.9081 (Thursday’s high).
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.