Daily Pivots: (S1) 0.9967; (P) 0.9997; (R1) 1.0055; More…
USD/CHF rally accelerated to as high as 1.0033 so far intraday bias remains on the upside. Decisive break of 1.0056 high will resume whole up trend from 0.9186. Next target will be 61.8% projection of 0.9186 to 1.0056 from 0.9787 at 1.0325, which is close to 1.0342 key resistance. On the downside, though, break of 0.9961 will dampen this bullish case and bring more sideway trading below 1.0056 first.
In the bigger picture, rise from 0.9186 is seen as a leg inside the long term range pattern. For now, further rise is expected as long as 38.2% retracement of 0.9186 to 1.0056 at 0.9724 holds. Above 1.0056 will target 1.0342 (2016 high). In that case, we’d be cautious on strong resistance from 1.0342 to limit upside. However, sustained break of 0.9724 will dampen this bullish view and would at least bring deeper fall to 61.8% retracement at 0.9518.
