Recovery of USD/CHF is Limited

Trading in the pair is neutral. Recovery from 0.9776 is limited below resistance 0.9446. Pivot points are at: (S1) 0.9806; (P) 0.9844; (R1) 0.9872.

Overcoming of resistance 0.9946 will indicate completion of the decline from 1.0037. Bottoming in the pair is possible below 0.9656. Drop from 1.0037 can extend 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.