Daily Pivots: (S1) 1.0022; (P) 1.0038; (R1) 1.0067; More…
USD/CHF rises to as high as 1.0076 so far and breaches 1.0067 resistance. Intraday bias remains on the upside at this point. Sustained break of 1.0067 will confirm resumption of larger rise from 0.9186 and should target 1.0342 key resistance next. In any case, near term outlook will remain bullish as long as 0.9954 resistance turned support holds. However, break of 0.9954 will confirm short term topping and bring deeper pull back to 0.9848 support and below.
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.
