Daily Pivots: (S1) 0.9450; (P) 0.9489; (R1) 0.9512; More…
Intraday bias in USD/CHF remains neutral at this point. With 0.9463 minor support intact, rebound from 0.9376 short term bottom is still in favor to extend. On the upside, break of 0.9554 will target 55 day EMA (now at 0.9612). On the downside, however, break of 0.9463 minor support will turn bias to the downside for retesting 0.9376 low. Break there will resume the fall from 0.9901 instead.
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). Break of 0.9901 will extend the rebound form 0.9181 through 1.0023 resistance. After all, medium term range trading will likely continue between 0.9181/1.0237 for some more time.
