Last Friday Swiss GDP unexpectedly rose 0.20 % while yesterday Swiss KOF eco barometer also jumped to 100.70, 0.30 points after a revision (100.40). Equities are main driving forces of the market at this point. USDCHF is safe heaven vs safe heaven so it is also exposed to European stocks and Chinese stocks vs US index futures. Adding to that correlation to EURUSD is strongly negative (opposite moving pairs).
Technically I can spot V shaped reversal which has lead to forming of inner trend line. Inner trend line is making the X CROSS with top descending trend line around 0.9710-0.9730 zone. X cross signifies strong resistance and this time it adds to confluence with H3 and 88.6 deep fib. Don’t forget that 88.6 is VERY strong turning point so I will be watching the zone for potential rejections towards 0.9520-00 (L3, DPP/weekly cam) and 0.9390 (L4/weekly cam). For this scenario 0.9810 should hold the price and previous triple top should not be broken.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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