USD/CHF is trying to bounce near the support at 0.8860. However, the succession of lower highs is intact as can be seen by the successful test of the initial resistance at 0.8915. Another support stands at 0.8800, whereas another resistance can be found at 0.8949.
From a longer term perspective, the structure present since 0.9972 (24/07/2012) is seen as a large corrective phase which has potentially reached completion. The support area defined by 0.8931 (24/02/2012 low) and 0.8833 favours a potential medium-term base formation. A key resistance stands at 0.9250.
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