Daily Pivots: (S1) 1.0059; (P) 1.0077; (R1) 1.0105; More…..
With 1.0048 minor support intact, intraday bias in USD/CHF remains on the upside for 1.0107 resistance next. As noted before, correction from 1.0342 should have completed at 0.9812. Break of 1.0107 should pave the way to retest 1.0342 high. On the downside, below 1.0048 minor support will turn bias neutral and bring consolidation first before staging another rise.
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 pair. 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.
