Daily Pivots: (S1) 0.9928; (P) 0.9987; (R1) 1.0020; More…..
USD/CHF’s fall from 1.0107 extends lower. Break of 0.9980 support suggests that rebound from 0.9812 has completed. And the corrective fall from 1.0342 is still in progress and is starting another falling leg. Intraday bias is turned back to the downside for 0.9812 support. On the upside, above 1.0008 minor resistance will turn bias back to the upside for 1.0107 resistance instead.
In the bigger picture, we’re still maintaining that firm break of 1.0342 key resistance is needed to confirm underlying bullish momentum in the cross. However, the corrective nature of the fall from 1.0342 is starting to give the medium term outlook a bullish favor. Hence, in stead of looking for topping signal around 1.0342, we’d now pay closer attention to upside acceleration as USD/CHF approaches this level again.
