The USDCHF had a significant bullish momentum yesterday, broke above the bearish channel as you can see on my h4 chart below and now struggling around 0.9575 key resistance area. The bias is bullish in nearest term and price is in critical phase now. A consistent move above 0.9575 will cancel the bearish outlook testing 0.9650. Immediate support is seen around 0.9500. A clear break back below that area could lead price to neutral zone in nearest term but would keep the bearish phase remains intact. From a longer term perspective, a clear break and daily close above 0.9650 could trigger further bullish scenario testing 0.9800 or higher.
©2012 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.