Daily Pivots: (S1) 0.9094; (P) 0.9143; (R1) 0.9169; More…
USD/CHF is still staying in range of 0.9089/9207 despite much volatility. Intraday bias remains neutral at this point. Another rise is in favor as long as 0.9089 support holds. Above 0.9207 will target 0.9304 resistance next. Break will target 38.2% retracement of 0.9901 to 0.8998 at 0.9343. On the downside, break of 0.9089 minor support will turn bias back to the downside for 0.9030 support instead.
In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 high). There is no clear sign of completion yet. On resumption, next target will be 138.2% projection of 1.0342 to 0.9186 from 1.0237 at 0.8639. Nevertheless, strong break of 0.9304 resistance will be an early sign of trend reversal and turn focus back to 0.9901 key resistance for confirmation.
