Daily Pivots: (S1) 0.9083; (P) 0.9116; (R1) 0.9155; More….
USD/CHF rebounded strongly after dipping to 0.9076. Intraday bias is turned back to the upside for 0.9192 resistance first. Decisive break there will be the first sign of bullish reversal and bring stronger rise to 0.9304 resistance for confirmation. On the downside,e break of 0.9076 will target a test on 0.8982 low.
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.
