USD/CHF: Corrective Growth Extends
Trading stays on the upside, and corrective growth from 0.9186 extends and reaches maximum 0.9629. Pivot points are at: (S1) 0.9568; (P) 0.9590; (R1) 0.9628.
Upside should be bounded by fibonacci level 0.9626. Overcoming of 0.9626 will point out a near term trend reversal. Trading below 0.9521 will back to the downside for support 0.9432. Further increase of the pair will extend to next fibonacci level at 0.9900.
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, and overcoming of that range will confirm trend reversal. Still, rejection from 0.9626 will retain a medium term bearishness for another minimum below 0.9186.