USDCHF – Daily Forecast 19 Jul 2013

The USDCHF maintained a bullish momentum a few days ago, topped at 0.9477 and bottomed at 0.9357, now the pressure will be on the key resistance 0.9477.  The USDCHF will have to hold above the 0.9477 levels on a daily closing basis to push the market for further upside gains If seen It will target the 0.9624 levels where a breach will turn the focus on the 0.9750  levels.

Alternatively, a failure to hold above the 0.9477  levels, could mean a return to the 0.9357 levels, a break below 0.9357 will extend weakness towards 0.9246 ahead of 0.9200 levels before the next rise.

In all, the USDCHF is likely to consolidate within 0.9357/0.9477 range before the next breakout.