“¢ The pair has managed to recover the bearish weekly gap and has now climbed back closer to a short-term descending trend-line hurdle, extending from 14-month tops set in July.
“¢ Technical indicators on the mentioned chart continue to move in neutral territory and thus, lack any firm directional bias.
“¢ Hence, it would be prudent to wait for a convincing breakthrough the mentioned barrier before positioning for any further near-term appreciating move.
USD/CHF 4-hourly chart
Spot Rate:
Daily Low: 0.9921
Trend: Bullish only above descending trend-line resistance
Resistance
R1: 0.9975 (Friday’s swing high)
R2: 1.0000 (psychological round figure mark)
R3: 1.0028 (R3 daily pivot-point)
Support
S1: 0.9921 (current day swing low)
S2: 0.9902 (S2 daily pivot-point)
S3: 0.9860 (100-day SMA)
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