Upside of USD/CHF Should be Limited
Trading is on the downside for retesting of a minimum 0.9254. Drop from 0.9469 extends. There is no signal of trend reversal yet. Pivot points are at: (S1) 0.9259; (P) 0.9317; (R1) 0.9349.
Upside should be bounded by resistance from 38.2% retracement of 1.0037 to 0.9254 at 0.9553. Overcoming of minimum 0.9254 will renew a larger downtrend to next projection level at 0.9115.
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. Trading above 55 day EMA will point out a medium term trend reversal.