USD/CHF continues to lose upside momentum as seen in 4 hour MACD and intraday bias is turned neutral first. Some consolidations could be seen. But downside should be contained above 0.9372 resistance turned support to bring another rally. On the upside, sustained break of 0.9591 medium term projection level will pave the way to next at 0.9864.
On the H4, price is near to the key resistance level. We expect that price will potentially reverse from 1st resistance level of 0.96198 in line with 161.8% fibonacci extension towards the 1st support level of 0.94702 in line with 38.2% fibonacci retracement.
Areas of consideration
1st support level at 0.94702
1st resistance level at 0.96198
2nd resistance level at 0.96741
In the bigger picture, down trend from 1.0342 (2016 high) could have completed with three waves down to 0.8756 (2021 low) already. Rise from 0.8756 is likely a medium term up trend of its own. Sustained break of 61.8% projection of 0.8756 to 0.9471 from 0.9149 at 0.9591 will pave the way to 100% projection at 0.9864. This will now remain the favored case as long as 0.9193 support holds.
On the H4, price is near to the key resistance level. We expect that price will potentially reverse from 1st resistance level of 0.96198 in line with 161.8% fibonacci extension towards the 1st support level of 0.94702 in line with 38.2% fibonacci retracement.
Areas of consideration
1st support level at 0.94702
1st resistance level at 0.96198
2nd resistance level at 0.96741
In the bigger picture, down trend from 1.0342 (2016 high) could have completed with three waves down to 0.8756 (2021 low) already. Rise from 0.8756 is likely a medium term up trend of its own. Sustained break of 61.8% projection of 0.8756 to 0.9471 from 0.9149 at 0.9591 will pave the way to 100% projection at 0.9864. This will now remain the favored case as long as 0.9193 support holds.