Daily Pivots: (S1) 0.8679; (P) 0.8705; (R1) 0.8743; More….
USD/CHF’s rebound from 0.8551 continues today and intraday bias stays on the upside. Strong resistance could be seen from 0.8818 support turned resistance to complete the recovery. Below 0.8663 minor support will turn bias back to the downside for retesting 0.8551. However, decisive break of 0.8818 will carry larger bullish implication and target 0.9146.
In the bigger picture, down trend from 1.0146 is seen as in progress as long as 0.8188 support turned resistance holds. Next target is 61.8% retracement of 0.7065 (2011 low) to 1.0342 (2016 high) at 0.8317. However, sustained break of 0.8818 will be the first sign of medium term bottoming, and turn focus back to 0.9146 resistance for confirmation.
