Daily Pivots: (S1) 0.9868; (P) 0.9902; (R1) 0.9927; More…
Intraday bias is back on the downside in USD/CHF with focus on trend line support (now at 0.9865). Sustained trading below there will indicate that fall from 1.0056 is a larger scale correction, correcting rise from 0.9186. And deeper fall would be seen back to 0.9724 fibonacci level before completion. Though, rebound from current level, followed by break of 0.9982 minor resistance will bring retest of 1.0056 high.
In the bigger picture, medium term decline from 1.0342 has completed with three waves down to 0.9186. Rise from there is currently viewed as a leg inside the long term range pattern. Hence, while further rally would be seen, we’d be cautious on strong resistance from 1.0342 to limit upside. For now, further rise is expected as long as 38.2% retracement of 0.9186 to 1.0056 at 0.9724 holds.
