Daily Pivots: (S1) 0.9580; (P) 0.9599; (R1) 0.9631; More…
USD/CHF’s rally is still in progress and intraday bias stays on the upside for 0.9848 resistance. Decisive break there will confirm completion of whole fall from 1.0237 and target 1.0023 resistance next. On the downside, below 0.9566 minor support will turn intraday bias neutral first.
In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low). It could have completed at 0.9181 after hitting 0.9186 key support (2018 low). Further rise could be seen to retest 1.0237 high. After all, medium term range trading will likely continue between 0.9181/1.0237 for some time.
