USD/CHF Daily Forecast

Wednesday, July 14, 2010

The USDCHF had a moderate bearish momentum yesterday, bottomed at 1.0512 and closed at 1.0545. The bias is neutral in nearest term. The main scenario remains to the downside but as long as price stay above 1.0500 - 1.0480 area the upside correction scenario remains intact. Immediate resistance at 1.0585. Consistent move above that area could trigger further bullish pressure towards 1.0650 before testing 1.0750. On the downside, break below 1.0480 could end the upside correction targeting 1.0400 and 1.0220 region.

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