Daily Pivots: (S1) 1.0037; (P) 1.0061; (R1) 1.0080; More…
USD/CHF’s break of 1.0094 resistance suggests rise resumption. Intraday bias is back on the upside. Current rally from 0.9186 would target 1.0342 key resistance. On the downside, break of 0.9952 support is needed to indicate short term topping. Otherwise, outlook will remain cautiously bullish as long as 0.9952 support holds.
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.
