Downside Of USD/CHF Should Be Contained

Technical Reports

Trading tone is still neutral. Break of maximum 1.0056 will point out resumption of the growth from 0.9186. Pivot points are at: (S1) 0.9954; (P) 0.9973; (R1) 0.9996.

Trading below 0.9855 will renew the correction from 1.0056 through support 0.9787. It is forecast, that support from 38.2% retracement of 0.9186 to 1.0056 at 0.9724 will contain downside. Overcoming of minor resistance 0.9989 will renew the bounce from 0.9787 to maximum 1.0056. Trading below 0.9855 will aline support 0.9787.

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. Overcoming of 0.9724 will bring deeper drop to 61.8% retracement at 0.9518.