The Forex Pattern, Price & Time Report – Swiss Franc – Midsession

The daily chart is trading higher today but the Main Trend remains downas long as the two Main Tops at 1.0955 and 1.0986 remains intact. These prices have basically been formed with the help of a retracementlevel at 1.0980.

The daily chart is trading higher today but the Main Trend remains down as long as the two Main Tops at 1.0955 and 1.0986 remains intact.  These prices have basically been formed with the help of a retracement level at 1.0980.

On the downside, a new higher Main Bottom has been formed at 1.0649. Retracement zones at 1.0788 to 1.0741 and 1.0802 to 1.0766 are providing support levels at this time and limiting downside moves.

The threat of an intervention by the Swiss National Bank may be needed to drive this pair higher.

Today’s action turned the Main Trend up on the hourly chart.  The hourly range is 1.0765 to 1.0896.  This range creates a retracement zone at 1.0830 to 1.0815.  During the early morning, this market found support at a 50% level at 1.0832.