USDCHF Forecast

The USDCHF continued its bearish momentum yesterday, broke below 0.8000 and hit 0.7920 earlier today in Asian session. This fact stops my bullish intraday bias. It’s too early to say that the bullish correction scenario which triggered by the hammer formation is over, but my short term bias has change to a bearish view testing 0.7770. Immediate resistance is seen around 0.7960. A clear break above that area could trigger further upside pressure testing 0.8000 but need another clear movement back above 0.8000 to keep the bullish correction scenario strong. I will stand aside for now.

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