Drop Of USD/CHF Extends
Trading is on the downside for 38.2% retracement of 0.9186 to 1.0056 at 0.9724. Break of 0.9724 will carry larger bearish implications. Price moves from 1.0056 are seen as a consolidation. Pivot points are at: (S1) 0.9736; (P) 0.9773; (R1) 0.9801.
Downside should be contained by 0.9724. Overcoming of resistance 0.9865 will indicate a short term bottoming. Deeper fall is not excluded, even in case of recovery.
Growth from 0.9186 is expected to resume to retest key resistance 1.0342, while 38.2% retracement of 0.9186 to 1.0056 at 0.9724 keeps. The consolidation from 1.0056 is extending. Overcoming of fibonacci level 0.9724 will bring deeper drop, as another declining leg in the long term range pattern.