Daily Pivots: (S1) 0.9999; (P) 1.0017; (R1) 1.0042; More…
Intraday bias in USD/CHF remains on the upside at this point. The pull back from 1.0124 could have completed at 0.9879 already. Further rise would be seen to retest 1.0124/28 resistance zone. On the downside, though, below 0.9977 minor support will turn bias back to the downside for 0.9879 support instead.
In the bigger picture, USD/CHF is still holding above medium term trend line. Rise from 0.9186 could still be in progress. Decisive break of 1.0128 will resume this medium term rally to 1.0342 resistance next. Meanwhile, sustained break of the trend line (now at 0.9884) will argue that whole rise from 0.9186 has completed. Further break of 0.9716 will confirm reversal and target next support level at 0.9541.
