USD/CHF Update: Counter trend phase
The recent declines are classified as a regular counter trend phase. Declines towards 0.9850 and even 0.9725 will not alter the main underlying uptrend. Moreover, basing at either of these levels keeps the trend intact and gives buyers a renewed chance for some long-entries.
Note that very substantial resistance is found on the weekly chart between 1.0240 and 1.0330. All buying is therefore increasingly risky and prone to profit taking.
Near term trend: positive (late phase)
Long term trend: neutral
Outlook: nearing hefty resistance, bullish bias growing longer term
Strategy: hold-long / buy dips
Support: 0.9850 / 0.9725 / 0.9525-
Resistance: 0.9960 / 1.00 / 1.0240 / 1.0330+
Outlook cancelled: below ~0.9700
Note that very substantial resistance is found on the weekly chart between 1.0240 and 1.0330. All buying is therefore increasingly risky and prone to profit taking.
Near term trend: positive (late phase)
Long term trend: neutral
Outlook: nearing hefty resistance, bullish bias growing longer term
Strategy: hold-long / buy dips
Support: 0.9850 / 0.9725 / 0.9525-
Resistance: 0.9960 / 1.00 / 1.0240 / 1.0330+
Outlook cancelled: below ~0.9700
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