The Swiss franc fell after the annual GDP barely avoided a contraction in Q4. On the daily chart, a close above January’s high of 0.9400 and a bullish MA cross show that sentiment is turning around. Now that the direction is skewed to the upside, traders see pullbacks as opportunities to buy at a discount. The latest retracement came to a halt at 0.9340 and 0.9260 over the 20-day SMA is the second layer of defence. A close back above 0.9430 would pave the way for an extended rally towards the supply area around 0.9500.
