Daily Pivots: (S1) 0.9932; (P) 0.9974; (R1) 1.0023; More…
A temporary low is formed at 0.9926 with current recovery. Intraday bias is turned neutral first. Another fall is mildly in favor as long as 1.0014 minor resistance holds. On the downside, break of 0.9926 will resume the decline from 1.0098 to 61.8% retracement of 0.9716 to 1.0098 at 0.9862. We’d look for bottoming signal again below there. On the upside, break of 1.0014 minor resistance will suggests that the pull back from 1.0098 has completed. In this case, intraday bias will be turned back to the upside for 1.0098/0128 resistance zone.
In the bigger picture, USD/CHF drew strong support from medium term trend line and rebounded. That suggests rise from 0.9186 is still in progress. Further break of 1.0128 will confirm up trend resumption and target 1.0342 key resistance. Nevertheless, break of 0.9716 will dampen this bullish view and at least bring deeper fall to 0.9541 key support.
