Daily Pivots: (S1) 0.9626; (P) 0.9676; (R1) 0.9701; More…..
USD/CHF breached 0.9651 to 0.9640 and quickly recovered. Intraday bias is turned neutral first. As long as 0.9766 resistance holds, near term outlook remains bearish for further decline. Firm break of 0.9640 will target 200% projection of 1.0067 to 0.9866 from 0.9981 at 0.8579 next.
In the bigger picture, current development suggests that rise from 0.9186 low has completed at 1.0067, after failing to sustain above 1.0037 resistance. Fall from 1.0067 could extend to 61.8% retracement of 0.9816 to 1.0067 at 0.9523 and below. But for now, we don’t expect a break of 0.9186 low. On the upside, firm break of 0.9866 support turned resistance will suggests that fall from 1.0067 has completed and rise from 0.9186 is resuming.
