Last analysis USDCHF from November 20 gave profit more than 300 pips, I wrote: “Since a month there is a dynamic upward movement without any bigger correction. Currently price reached to resistance and that level should bring declines or maybe even a deeper correction”.
Rebound was very dynamically however it may approach to the end. Currently USDCHF reached to Fibonacci 61,8% level of last upward movement and this level is reinforced by strong support. It is likely that price will move upward and strength of this rebound will show direction of further movement. Swiss SNB maintains that CHF is currently overvalued and will do everything to weaken the CHF. This should give new downward impuls on USDCHF. Nearest supports: 0.9790, 0.9590, 0.9470, 0.9300. But if price will back to uptrend nearest resistances are at levels: 0.9940, 1.0090.
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