USD/CHF: Correction Could Be Extended
Trading is neutral, as the pair is staying in a range above 0.9787. Trading below 0.9787 will extend the correction. Pivot points are at: (S1) 0.9837; (P) 0.9861; (R1) 0.9891.
Overcoming of minor resistance 0.9911 will point out completion of the corrective pull back from 1.0056. Still, downside should be contained by strong support from fibonacci level 0.9724.
A medium term fall from 1.0342 has completed down to 0.9186. Growth from 0.9186 is currently viewed as a leg inside the long term range pattern, which could prolong while 38.2% retracement of 0.9186 to 1.0056 at 0.9724 keeps. Upside should be bounded by strong resistance from 1.0342.