USD/CHF: Range Trading Goes On
Trading tone is still neutral, as the pair is staying in a range of 0.9521/9648. Pivot points are at: (S1) 0.9555; (P) 0.9576; (R1) 0.9596.
Break of minor support 0.9521 will point out rejection by key fibonacci resistance 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.