The USD/CHF Has Formed a Temporary Minimum
Trading in the pair is neutral, as a temporary low was formed at 0.9776. Pivot points are at: (S1) 0.9788; (P) 0.9804; (R1) 0.9832.
Overcoming of resistance 0.9946 will indicate completion of the decline from 1.0037. Bottoming in the pair is possible below 0.9656. Trading below 0.9776 will prolong the drop from 1.0037 to 61.8% retracement of 0.9420 to 1.0037 at 0.9656.
The pair’s trading stays in a range of 0.9420/1.0342 and a medium term forecast is neutral. Overcoming of 1.0342 will confirm resumption of upside momentum.