Daily Pivots: (S1) 1.0056; (P) 1.0077; (R1) 1.0099; More…..
A temporary top is in place at 1.0099, ahead of 1.0107 resistance. Intraday bias in USD/CHF is turned neutral first. Some consolidations would be seen but downside of retreat is expected to be contained by 0.9977 and bring another rise. As noted before, correction from 1.0342 should have completed at 0.9812. Break of 1.0107 should pave the way to retest 1.0342 high.
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.
