USDCHF Daily Outlook

The USDCHF had significant bearish momentum yesterday. The pair bottomed at 1.0649 and closed at 1.0700. On h4 chart below we can see that the triangle has been violated to the downside. The bias is bearish in nearest term but we have hammer candlestick formation as a potential warning of bearish exhaustion and upside pullback. I don’t like technical analysis contradiction, so I think it’s better to stay away now. Immediate support is seen at 1.0615. Initial resistance at 1.0760.

USDCHF Daily Supports and Resistances:

S1= 1.0710

S2= 1.0616

S3= 1.0549

R1= 1.0871

R2= 1.0938

R3= 1.1032