USD/CHF: Key Fibonacci Resistance in Focus
Trading tone is still neutral, as the pair is staying in a range of 0.9521/9648. Focus is on key fibonacci resistance 0.9626. Pivot points are at: (S1) 0.9575; (P) 0.9610; (R1) 0.9659.
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 0.9432 will turn near term forecast bearish for retesting of a minimum 0.9186. 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.