USD/CHF: Temporary High Was Formed
Trading tone is neutral, as a consolidation below temporary top 0.9533 extends. Pivot points are at: (S1) 0.9452; (P) 0.9482; (R1) 0.9505.
Trading above 0.9533 will aline 100% projection of 0.9186 to 0.9490 from 0.9337 at 0.9641. Overcoming of minor support 0.9337 will indicate completion of the recoil. But still, the pair’s forecast will stay bullish even if retreat happens.
Decline from 1.0342 is considered to be a medium term downtrend, which could be completed. Focus is on 38.2% retracement of 1.0342 to 0.9186 at 0.9626. Still, rejection from 0.9626 will retain a medium term bearishness for another minimum below 0.9186.