The USD/CHF Has Formed a Temporary High
Trading tone is neutral, as a temporary top was formed at 0.9469. Pivot points are at: (S1) 0.9320; (P) 0.9394; (R1) 0.9435.
Upside should be bounded by resistance from 38.2% retracement of 1.0037 to 0.9254 at 0.9553. Overcoming of 0.9553 will bring stronger recoil to 55 day EMA (now at 0.9616). Trading below minor support 0.9339 will back to the downside for 0.9254.
Overcoming of support 0.9420 points out that decline from 1.0342 is developing into a medium term downtrend. The pair’s decrease may continue to 100% projection of 1.0342 to 0.9420 from 1.0037 at 0.9115. The pair will form a medium term bottom, in case of overcoming of resistance 0.9640.