USD/CHF: Range Trading Continues
Trading tone is neutral, as the pair is bounded in range a of 0.9321/9490. Pivot points are at: (S1) 0.9369; (P) 0.9394; (R1) 0.9429.
Overcoming of 0.9490 will indicate a near term trend reversal. Drop resumption in the pair is possible, and trading below 0.9186 will renew the downtrend and aline medium term projection level 0.9115. Break of minor support 0.9321 will point out completion of the recoil from 0.9186.
Decline from 1.0342 is considered to be 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.