Daily Pivots: (S1) 0.9075; (P) 0.9150; (R1) 0.9191;
Intraday bias in USD/CHF remains on the downside for the moment and current fall from 0.9594 is still in progress for 0.9065 support. As noted before, considering bearish divergence condition in daily MACD, whole rebound from 0.7065 is possibly finished. Break of 0.9065 support will target 0.8567 key support to confirm the bearish case. On the upside, break of 0.9262 resistance is needed to signal short term bottoming. Otherwise, we'll stay near term bearish even in case of recovery.
In the bigger picture,we're treating rebound from 0.7065 medium term bottom as part of a consolidation pattern only. Below 0.8567 support will indicate such rebound is finished and bring retest of 0.7065 low. Above 0.9594 will bring another rise. But after all, strong resistance is expected at next cluster level at 0.9916 (61.8% retracement of 1.1730 to 0.7065 at 0.9948, 61.8% projection of 0.7065 to 0.9315 from 0.8567 at 0.9958) to limit upside and bring reversal. The long term down trend is expected to resume later after consolidation from 0.7065 completes.
0 comments:
Post a Comment