The USDCHF attempted to push lower yesterday after broke below 0.8800, bottomed at 0.8693 but whipsawed to the upside and closed higher at 0.8869. The bias remains bullish in nearest term but note that we need a clear break and daily close above 0.8945 to continue the major bullish scenario testing 0.9320. Immediate support is seen around 0.8850. A clear break below that area could lead price to neutral zone in nearest term testing 0.8800. Price could have a wide range condition between 0.8945 – 0.8550 but as long as price stays above 0.8550 my overall technical bias remains strongly to the upside.
©2011 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.