USD/CHF Daily Forecast

Thursday, August 12, 2010

The USDCHF had a bullish momentum yesterday, topped at 1.0601 and closed at 1.0589. The bias is bullish in nearest term testing 1.0675 but note that overall we are still in consolidation phase. Break above 1.0675 could be seen a a serious threat to the bearish scenario testing 1.0837/50 area. Immediate support at 1.0500 - 1.0480. Break below that area could area could lead us into neutral zone in nearest term.