Rise In USD/CHF Is Bounded

Technical Reports

Trading is neutral, as the bounce from 0.9952 extends higher but it’s limited below 1.0094. Trading below 0.9952 will widen the consolidation from 1.0094 with another decline. Pivot points are at: (S1) 1.0022; (P) 1.0047; (R1) 1.0086.

In case of resumption of whole rise from 0.9541, the pair will target key resistance 1.0342. Overcoming of 1.0094 and sustained trading above 1.0067 will confirm resumption of the growth from 0.9541. Downside should be contained by strong support from 38.2% retracement of 0.9541 to 1.0094 at 0.9883.

The growth from 0.9186 is likely resuming, as the pull back from 1.0067 has completed at 0.9541. Overcoming of 1.0067 will bring retest of key resistance 1.0342. Upside should b limited by strong resistance from 1.0342. Another medium term fall to extend long term range trading is awaited.