The 'swissy' has once again found support just north of 0.9500 with yesterday's daily low at 0.9508. The pair went on to close much higher at 0.9582, once again bouncing from the 0.9500 level as it has done several times during June as well as twice in the last 3 trading days, with yesterday making it 3 for 3. An ascending 4 touch trend line has now formed with a series of higher lows beginning in June suggesting a bullish return might be in the works. Yesterday's candle also closed above the Weekly Pivot at 0.95616 as well as closing above the 13 day moving average but still well below the 62 day moving average which lines up with the Monthly Pivot at 0.9649. The Weekly R1 sits in between at 0.9622 while the Weekly S1 is well below current prices, as well as the previously mentioned trend-line at 0.9489. The pair might continue to consolidate between 0.9500 + 0.9600 while traders wait for further clues from the US and the Non Farm Payroll report later this week, but a close above 0.9649 could confirm a bullish run resuming, while a close below 0.9500 would probably mean a run back down to the 0.9350 area or lower.
Happy Trading!