USD/CHF: Recoil Could Complete
Trading tone is neutral, as a consolidation below temporary top 0.9533 extends. Pivot points are at: (S1) 0.9414; (P) 0.9454; (R1) 0.9478.
Trading above 0.9533 will aline fibonacci level 0.9626. Overcoming of minor support 0.9356 will indicate completion of the recoil, and trading will back to the downside for retesting minimum 0.9186.
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.