USD/CHF: Short Term Bottoming Is Possible
Trading is on the downside for support 0.9848. Hitting of minor resistance 1.0008 will indicate a short term bottoming. Pivot points are at: (S1) 0.9877; (P) 0.9911; (R1) 0.9932.
Overcoming of support 0.9848 will confirm a near term trend reversal and aline 61.8% retracement of 0.9541 to 1.0128 at 0.9765. The pair’s near term forecast will remain bearish in case of recovery.
The growth from 0.9541 could have topped at 1.0128. Still, while support 0.9541 keeps, the rise from 0.9186 is expected to resume at a later stage. Hitting of 1.0128 will aline key resistance 1.0342. Break of 0.9514 will pave the way back to low 0.9186.