Daily Pivots: (S1) 0.9847; (P) 0.9875; (R1) 0.9895; More…..
USD/CHF’s strong rebound and break of 0.9956 suggests that fall from 1.0107 has completed at 0.9858 already, on bullish convergence condition in 4 hour MACD. The development also revives the case that correction from 1.0342 is already completed at 0.9812. Intraday bias is turned back to the upside for 1.0107 resistance first. Break there will target a test on 1.0342 high. Nonetheless, break of 0.9858 will turn bias to the downside and target 0.9812 and below.
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 pair. 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.
