Daily Pivots: (S1) 0.9558; (P) 0.9621; (R1) 0.9654; More…
Intraday bias in USD/CHF remains on the downside as current decline is in progress for 0.9523 fibonacci level. We’d look for bottoming sign there to bring rebound. On the upside, break of 0.9699 minor resistance will indicate short term bottoming and target 0.9757 resistance. However, sustained break of 0.9523 would pave the way to retest 0.9186 low.
In the bigger picture, 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.
