Daily Pivots: (S1) 0.9620; (P) 0.9661; (R1) 0.9699; More…
USD/CHF’s rally from 0.9541 resumed after very brief retreat and hits as high as 0.9741 so far. Intraday bias is back on the upside for 0.9757 resistance first. Break will target 0.9866 key resistance level, 61.8% retracement of 1.0067 to 0.9541 at 0.9866. On the downside, break of 0.9622 minor support is needed to indicate completion of the rebound. Otherwise, near term outlook will stay cautiously bullish even in case of retreat.
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 possibly 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 suggest that fall from 1.0067 has completed and rise from 0.9186 is resuming.
