USDCHF Daily Forecast 07 Aug 2013

The USDCHF maintained a bearish momentum yesterday, topped at 0.9295 levels, the USDCHF will have to hold below the 0.9295 levels on a daily closing basis to push the market for further downside losses, next support is at  0.9127 levels a breach will turn the focus on the 0.9000 levels.

On the upside, resistance is at 0.9295, stability above this level on a daily closing basis will confirm short term bottoming, If seen, It would reverse risks to the upside towards the 0.9395 ahead of the 0.9475 levels.

In all, as long as the 0.9295 level holds on a daily closing basis, the pair will remain biased to the downside with risk towards 0.9127 ahead of 0.9000 levels, only break of 0.9295 will reverse risks to the upside.