USD/CHF: Dollar recovery resumes in quiet start of the week
The Dollar continued appreciating in the first session of the week, reaching 1.0318 against the Swiss Franc, the ActionForex Technical Team advances further recovery: “At this point, intraday bias remains mildly on the upside as long as 1.0231 minor support holds. Further rebound could still be seen. Nevertheless, upside should be limited below 61.8% of 1.0539 to 1.0111 at 1.0376 and bring another fall. As discussed before, prior break of short term rising trend line support with daily MACD staying in negative region argues that medium term rebound from 0.9634 is already completed at 1.0623.”
On the downside, the ActionForex Technical Team advances: “Sustained break of 1.0147 support will add more credence to this case and bring deeper fall to 0.9995 support. Also, note that short term risk remains on the downside as long as 1.0539 resistance holds even in case of a stronger than expected rebound.”
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