USD/CHF: Consolidation Goes On

Technical Reports

Stance of trading is neutral, as the pair is staying in range below 1.0056. More correction is expected. Pivot points are at: (S1) 0.9984; (P) 1.0013; (R1) 1.0043.

Overcoming of 1.0037 will extend the growth from 0.9186 and aline key resistance level 1.0342. In case of another fall downside should be contained by trend line support (now at 0.9778). Trading below 0.9956 will bring deeper pull back.

A medium term fall from 1.0342 has completed down to 0.9186, and growth from that point is currently viewed as a leg inside the long term range pattern. While further increase is expected as long as 0.9648 resistance turned support keeps, upside should be bounded by strong resistance from 1.0342.