Daily Pivots: (S1) 0.9634; (P) 0.9667; (R1) 0.9708; More…
Intraday bias in USD/CHF remains neutral as it’s staying above 0.9599 temporary low. On the downside, break of 0.9599 will resume whole decline from 1.0067. But considering bullish convergence condition in 4 hour MACD, downside should be contained by 0.9523 fibonacci level to bring rebound. On the upside, break of 0.9757 will suggests that fall from 1.0067 has formed a short term bottom. In such case, further rise would be seen back to 55 day EMA (now at 0.9797).
In the bigger picture, rise from 0.9186 low has completed at 1.0067, after failing to sustain above 1.0037 resistance. Fall from 1.0067 could extend to 61.8% retracement of 0.9816 to 1.0067 at 0.9523 and below. But for now, we don’t expect a break of 0.9186 low. On the upside, firm break of 0.9866 support turned resistance will suggests that fall from 1.0067 has completed and rise from 0.9186 is resuming.
