The swissie is range-bound and falling, however, it has reached substantial support at the 0.9180 level where there is a long term support and resistance line and the weekly pivot point. There is a possibility now of a rise back up to resistance at 0.9240, although it is also possible that a stronger impulse down could bring the pair back to the range lows at 0.9115, especially given the bearish outlook for the pair since the move off the mid-Jan highs which still looks incomplete.

Analysis prepared by:

Joaquin Monfort
Forex4you analyst