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USDCHF Forecast: In Consolidation Mode but Bearish Pullback is Likely

Wednesday, May 1, 2019 1:41

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USDCHF Forecast: In Consolidation Mode but Bearish Pullback is Likely
The USDCHF pair continues to idle inside a rectangle formation as you can see on my daily chart below suggests a consolidation phase after a convincing bullish run during April. While the bulls remain in control, the bearish pin bar printed on the daily chart last week still hints a potential downside correction with nearest technical bearish correction target lies at 1.0130 – 1.0100 support area where some buyers maybe spotted at least for a short-term strategy. On the upside, a decisive break above the rectangle and 1.0236 would invalidate the bearish pin bar scenario and prolong the bullish momentum and open the path to 1.0340. Overall I remain neutral on this pair.

Source: https://fxinstructor.com/blog/usdchf-forecast-in-consolidation-mode-but-bearish-pullback-is-likely

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