Genesiv

Swiss Franc Futures (6S1!), H4 potential for bullish rise

Long
CME:6S1!   SWISS FRANC FUTURES (CONTINUOUS: CURRENT CONTRACT IN FRONT)
Type : Bullish Rise
Resistance : 1.07335
Pivot: 1.05890
Support : 1.04820

Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 1.05890 where the swing high resistance and 78.6% fibonacci projection are. Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to 1st resistance at 1.07335 where the 100% fibonacci projection , -27.2% fibonacci expansion and 127.2% fibonacci extension are.

Alternative scenario: Alternatively, price could drop to the 1st support at 1.04820 where the pullback support is.

Fundamentals: Due to the surprise rate hike by 50bps to -0.25%, we have a bullish bias on Swiss Franc .
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