Daily Pivots: (S1) 0.9908; (P) 0.9943; (R1) 0.9993; More…..
Downside momentum in USD/CHF is a bit unconvincing as seen in 4 hour MACD. But with 0.9999 minor resistance intact, deeper fall is still expected. Current decline from 1.0107 will extend to 0.9812 support and below. Fall from 1.0342 is seen as a correction. Hence, we’ll look for bottoming signal below 0.9812. Meanwhile, on the upside, above 0.9999 minor resistance will turn bias back to the upside for 1.0107 resistance instead.
In the bigger picture, we’re still maintaining that firm break of 1.0342 key resistance is needed to confirm underlying bullish momentum in the cross. However, the corrective nature of the fall from 1.0342 is starting to give the medium term outlook a bullish favor. Hence, in stead of looking for topping signal around 1.0342, we’d now pay closer attention to upside acceleration as USD/CHF approaches this level again.
