USD/CHF Daily Forecast: September 07, 2009

USDCHF Forecast
The USDCHF had a volatile market on Friday. The pair attempted to push higher, topped at 1.0698 but further bullish momentum was rejected as the pair whipsawed to the downside, bottomed at 1.0575 and closed at 1.0605. On h1 chart below we can see that the pair still trapped in a range area of 1.0715 – 1.0527 indicating consolidation phase after some bearish momentum. The bias is bearish in nearest term targeting 1.0527. Break below that area should trigger further bearish scenario. However in my opinion the best strategy in this kind of market is to buy around 1.0527 or to sell around 1.0715 with a tight stop loss.