Daily Pivots: (S1) 1.0022; (P) 1.0047; (R1) 1.0086; More…
At this point, USD/CHF is still limited below 1.0094 resistance. Intraday bias remains neutral first. On the upside, break of 1.0094 and sustained trading above 1.0067 will confirm resumption of whole rise from 0.9541. USD/CHF should then target 1.0342 key resistance next. On the downside, below 0.9952 will extend the consolidation from 1.0094 with another decline. But we’d expect strong support from 38.2% retracement of 0.9541 to 1.0094 at 0.9883 to contain downside to bring rebound.
In the bigger picture, the pullback from 1.0067 has completed at 0.9541 already. And rise from 0.9186 is likely resuming. Firm break of 1.0067 will pave the way to retest 1.0342 key resistance. We’d be cautious on strong resistance from there to limit upside to bring another medium term fall to extend long term range trading. However, firm break of 0.9848 near term support will dampen this view and bring deeper decline back to 0.9541 support and possibly below.
