USD/CHF: INTRADAY
BIAS: While the 0.9707-17 (max 0.9735) area caps we should see losses to 0.9655-65 before reversing higher
- Resistance: 0.9707-17 0.9735 0.9764-95 0.9823
- Support: 0.9677-80 0.9655-65 0.9630-41 0.9600-10
MAIN ANALYSIS: Friday didn't work out quite as expected - with a deeper pullback to 0.9795 that appears to have been a recycling. Today has begun with the 0.9677-80 area supporting and which should allow a correction back to 0.9707-17 - and allow for 0.9735. This should see losses to around 0.9655-65 before reversing higher. Just take care because the initial correction higher could imply a sideways consolidation - potentially a flat or triangle.
COUNTER ANALYSIS: Only a direct break above 0.9740 would see more direct gains… and then note the 0.9764-95 resistance.
Still, only directly below 0.9630 would frustrate and extend losses to 0.9600-10 - but this may not support for long. Below would extend losses to the 0.9568-85 area.
MEDIUM-TERM ANALYSIS:
27th August: We've seen constructive gains and barring the potential recycling back to 0.9360-83, we should begin to see the upside develop further and which should be making its way back to the daily high.
Only back below 0.9240-57 would imply a move back below 0.9071...