USDCHF, WEEKLY TECHNICAL ANALYSIS

Monthly chart analysis can be found in this previous article.

The price is back into strong pivotal zone, a resistance zone that was broken in early November 2016. This zone is now a great support price zone.

Previous movements as highlighted show a strong retest of the zone that later confirmed the upside movement with a large bullish candle.

Currently the price is already into the support zone but there is no confirmation of the upside just yet to take back price into resistance marked R. The price can even go deeper just like in the previous retest.

But we can see already reaction to the support zone forexample, the gap open directly into the zone although there is no confirmation of the bounce up yet.

With the upcoming major fundamentals on the USD, Non-Farm Payrolls(NFP) and Fed Interest rate decision may take price deeper down into the support zone or give a strong bounce up off the support zone.