USD/CHF: Range Trading Continues
Trading tone is still neutral, as the pair is staying in consolidation in a range of 0.9855/9991. Trading below 0.9855 will renew the corrective fall from 1.0056. Pivot points are at: (S1) 0.9907; (P) 0.9930; (R1) 0.9946.
Overcoming of 0.9991 will bring test of a maximum 1.0056. It is forecast, that support from 0.9722/4 cluster support (38.2% retracement of 0.9186 to 1.0056 at 0.9724, 100% projection of 1.0056 to 0.9787 from 0.9991 at 0.9722) will contain downside and bring a recoil.
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.