USD/CHF Technical Analysis: Corrects to tests ascending trend-line resistance-turned-support
|• After yesterday's strong upsurge to one-month tops, the pair eased a bit on Friday and is now testing a short-term ascending trend-line resistance break-point.
• Below the mentioned resistance turned support lies an important confluence region, comprising of the very important 200-day SMA and 23.6% Fibo. level of the recent upsurge.
• A convincing break through the said confluence support, amid concerns over Italy's budget proposal, might prompt some additional long unwinding trade and exert more pressure.
Spot Rate: 0.9748
Daily High: 0.9777
Trend: Bullish above 200-DMA
Resistance
R1: 0.9783 (1-month tops set yesterday)
R2: 0.9800 (round figure mark)
R3: 0.9823 (R1 daily pivot-point)
Support
S1: 0.9732 (200-day SMA)
S2: 0.9700 (round figure mark)
S3: 0.9685 (S1 daily pivot-point)
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