USDCHF Forecast

The USDCHF attempted to push lower yesterday, bottomed at 1.0065 but closed higher at 1.0156 and keep moving higher around 1.0175 at the time I wrote this comment. On daily chart below we can see that although yesterday’s price action not really made a hammer candle stick formation for potential upside pullback, but the fact that price is now back above 1.0130 could trigger further upside correction testing 1.0220 area as bearish pressure may have exhausted. Break above 1.0220 could trigger further upside momentum testing the trend line resistance (red). The major scenario remains bearish but we need a consistent move below 1.0130 to see further bearish pressure testing 1.0030.

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