USDCHF Daily Forecast: December 17

USDCHF Forecast
The USDCHF bullish momentum was paused yesterday. On h4 chart below we can see that 1.0450 area is an important resistance area. In October 01, price had a bearish momentum after failed to break above 1.0450 then hit the low at 0.9913 on November 26.

Of course, the situation is different now since this time price has violated the major trendline resistance (red) to the upside so the upside pressure should be stronger this time.

However, the bias is neutral in nearest term and we need a consistent move above the 1.0450 area to confirm further bullish scenario with a new range of 1.0450 – 1.0700 area. Only break below 1.0230 could be considered as potential threat to the bullish scenario.

Setyo Wibowo
fxinstructor.com