Our Preference: SHORT positions @ 81.25 with 80.7 & 80.5 in sight.
Alternative scenario: The upside penetration of 81.3 will call for a rebound towards 81.65 & 81.8.
Comment: the pair is on the downside and is approaching its previous low, the RSI is capped by a declining trend line.
Trend: ST Ltd Downside; MT Range
Key levels Comment
81.8** Intraday resistance 81.65** Intraday resistance 81.3*** Intraday pivot point 80.8 Last 80.7*** Intraday support 80.5* Intraday support 80.35** Intraday support USD/CHF
Pivot: 0.86
Our preference: Short positions below 0.86 with targets @ 0.8465 & 0.843 in extension.
Alternative scenario: Above 0.86 look for further upside with 0.865 & 0.869 as targets.
Comment: the pair is posting a rebound but remains capped by a declining trend line.