MT4 - Unfortunately for our expectation of a near-term test of 0.9585, USDCHF reversal off 0.9657 support seems to be gather bids. With not much noticeable demand above this rally could have legs, however with volumes so low downside also look vulnerable. As we wait for a clear direction, we retain the view that a solid close below 0.9657 would open up a broader move to our extension target of 0.9585.
Rebounds are likely to meet resistance at 0.9873 (8th Aug high & uptrend channel), 0.9900 (2nd Aug high), 1.0000 (psychological resistance), 1.0070 (1st Dec 11’ pivot high), 1.0149 (2010 pivot), then 1.0294 (10th Sept 10’ high).
The first levels of support should be located at 0.9584 (5th July close, 6th July opening), 0.9419 (17th June low), 0.9369 (21st May Support), then 0.9183 (7th & 11th May low).
MT4 platform and analysis courtesy of Swissquote bank.
Sign up for a free demo MT4 account to access and follow all the further analysis updates and trade.