Daily Pivots: (S1) 0.9658; (P) 0.9678; (R1) 0.9706; More…
A temporary top is formed at 0.9710 as USD/CHF retreats. Intraday bias is turned neutral first. Further rise is still expected as long as 0.9576 support holds. Above 0.9710 will extend recent rally to 0.9900 fibonacci level next. However, break of 0.9576 will indicate short term topping and turn bias to the downside for 0.9432 support and possibly below.
In the bigger picture, fall from 1.0342 is seen as a medium term down trend. The break of 38.2% retracement of 1.0342 (2016 high) to 0.9186 (2018 low) at 0.9626 suggests that it’s likely completed at 0.9186 already. Further rally would be seen back to 61.8% retracement at 0.9900 and above. Sustained break there would pave the way to retest 1.0342 key resistance next.
