Daily Pivots: (S1) 0.9850; (P) 0.9881; (R1) 0.9915; More….
Focus remains on 0.9835 resistance turned support in USD/CHF. Decisive break there will argue that whole rebound form 0.9420 is completed and turn outlook bearish. In that case, USD/CHF should target 61.8% retracement of 0.9420 to 1.0037 at 0.9565 and possibly below. Nonetheless strong rebound from 0.9835 will retain near term bullishness. And, break of 1.0047 will extend the rise from 0.9420 and target 1.0342 high.
In the bigger picture, current development suggests that USD/CHF has defended 0.9443 (2016 low) key support level again. Rise from 0.9420 could is a medium term up move and should target a test on 1.0342 high. This represents the upper end of a long term range that started back in 2015. On the downside, break of 0.9736 support is now needed to indicate completion of the rise from 0.9420. Otherwise, further rally will remain in favor in medium term.
