USDCHF: False Breakout Confirmed, A Retest of 1.0236 On The Cards

USDCHF: False Breakout Confirmed, A Retest of 1.0236 On The Cards
The USDCHF pair was traded with a modest gain yesterday, but provided enough evidence to conclude a valid false breakdown has occurred. As a result, the bias is bullish in the near term testing 1.0236 key resistance area. A clear break and a daily/weekly close above that area would expose 1.0340 level in the upcoming week.

Immediate support is seen around 1.0170. A clear break and a daily/weekly close back below that area would lead price to a neutral zone in the near term as direction would become unclear putting 1.0125 level as the last defense for a test of 1.0075 or lower.

On fundamental, some US key economic data will be out today expected to be a market catalyst. They are Average Hourly Earnings, Non-Farm Employment Change, Unemployment Rate and ISM Non-Manufacturing PMI data. Buckle up!