Daily Pivots: (S1) 0.9984; (P) 1.0004; (R1) 1.0041; More…
USD/CHF recovers today but stays below 1.0026 temporary top. Intraday bias remains neutral at this point. With 0.9848 support intact, further rise is in favor in the pair. On the upside, break of 1.0026 will resume the rally from 0.9541 and target 1.0067 resistance first. Decisive break there will confirm resumption of larger rise from 0.9186 and should target 1.0342 key resistance next. However, break of 0.9848 support will indicate near term reversal, on bearish divergence condition in 4 hour MACD, and turn outlook bearish.
In the bigger picture, the pullback from 1.0067 has completed at 0.9541 already. And rise from 0.9186 is likely resuming. Firm break of 1.0067 will pave the way to retest 1.0342 key resistance. We’d be cautious on strong resistance from there to limit upside to bring another medium term fall to extend long term range trading.
