Swiss Franc Futures (6S1!), H4 potential for bullish rise
Type : Bullish Rise
Resistance : 1.07335
Pivot: 1.05890
Support : 1.04820
Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 1.05890 where the swing high resistance and 78.6% fibonacci projection are. Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to 1st resistance at 1.07335 where the 100% fibonacci projection, -27.2% fibonacci expansion and 127.2% fibonacci extension are.
Alternative scenario: Alternatively, price could drop to the 1st support at 1.04820 where the pullback support is.
Fundamentals: Due to the surprise rate hike by 50bps to -0.25%, we have a bullish bias on Swiss Franc.
Resistance : 1.07335
Pivot: 1.05890
Support : 1.04820
Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 1.05890 where the swing high resistance and 78.6% fibonacci projection are. Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to 1st resistance at 1.07335 where the 100% fibonacci projection, -27.2% fibonacci expansion and 127.2% fibonacci extension are.
Alternative scenario: Alternatively, price could drop to the 1st support at 1.04820 where the pullback support is.
Fundamentals: Due to the surprise rate hike by 50bps to -0.25%, we have a bullish bias on Swiss Franc.