USDCHF Forecast

The USDCHF attempted to push lower on Friday, slipped below 0.7770 but whipsawed to the upside, closed higher at 0.7879. The bias is neutral in nearest term with potential daily range between 0.7770 – 0.8000. The bullish scenario since the appearance of the hammer formation remains intact, but would need another movement above 0.8000 to continue the bullish scenario retesting 0.8275. Immediate resistance is seen around 0.7915. A clear break above that area could trigger further bullish momentum testing 0.8000. On the downside, a clear break and daily close back below 0.7770 could trigger further bearish pressure which could be a threat to the hammer formation bullish scenario.

©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.