USD/CHF INTRADAY CHART:
USD/CHF Hourly Chart
BIAS: We should now see a top – still allow for 0.9820-30 – but for a reversal lower
Resistance: 0.9807 0.9820-30 0.9850-55 0.9880-85Support: 0.9780 0.9742-51 0.9725 0.9701
MAIN ANALYSIS: I have to admit, I found the development somewhat strange but the 50 point correction was the key – that reached 0.9751 – from where we are seeing the final stages of this recycling. Indeed, we may have seen the high at 0.9807 but because of the nature of the structure it would be prudent to allow for 0.9825-35. A break below 0.9796 and better 0.9791 would encourage losses but the final confirmation that we’re on our way lower will be a break below 0.9742-51…. This may not break on first attempt… Of course, we shall need to establish a stronger foundation structure but this will need to be identified as the initial losses develop.
COUNTER ANALYSIS: Only a break above 0.9835 and 0.9850-55 would have me scratching my head. The next modest resistance is at 0.9910-15 and then 0.9960…