Daily Pivots: (S1) 0.9967; (P) 1.0026; (R1) 1.0066; More…..
Intraday bias in USD/CHF remains neutral for the moment. On the upside, break of 1.0107 resistance will be in line with the view that correction from 1.0342 has completed at 0.9812. In such case, further rally would be seen to retest 1.0342 high. However, break of 0.9977 will dampen this view and turn bias back to the downside for 0.9858 first.
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.
