USDCHF Forecast

The USDCHF made indecisive movement yesterday. The pair is now clearly in consolidation phase where bearish momentum seem exhausted, but we also haven’t seen significant bullish correction yet. On daily chart below you can see that in the last 4 days, the pair formed 2 inverted hammer and 2 Doji  indicating an intense battle between buyers and sellers with no winner so far. This situation is one of the market condition where I prefer to stay out and just wait for further development. Immediate support at 1.0300 – 1.0250 area. Initial resistance at 1.0420.