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Daily Technical Analysis: USDCHF

The USDCHF had a bearish momentum last week bottomed at 0.9438. We have a bearish pin bar as you can see on my daily chart below, indicates that price is ready to continue the bearish run after a rejection to move higher. The bias remains bearish in nearest term testing 0.0.9400 – 0.9350 region. Immediate resistance is seen around 0.9500 – 0.9550. A clear break above that area could lead price to neutral zone in nearest term but overall I prefer a bearish scenario at this phase and any upside pullback should be seen as a good opportunity to sell.

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