USDCHF Forecast

The USDCHF didn’t make significant movement yesterday. However my hourly and h4 chart technical bias remains strongly bullish after the huge bullish movement caused by the SNB intervention and so far price able to stay above 0.8550. Although it’s too early to judge whether the intervention work or not (note: BOJ has intervene three times this year to weaken the Yen and failed), I have no technical reason to short the pair now. In fact, a clear break and daily close above 0.8625 could be an early signal of a major bullish reversal scenario at least testing 0.8945. On the downside, immediate support remains around 0.8550. A clear break and daily close below that area could trigger further bearish pressure testing 0.8430.

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