Daily Pivots: (S1) 0.9790; (P) 0.9812; (R1) 0.9837; More….
USD/CHF’s decline accelerates to as low as 0.9732 so far. The break of 0.9765/8 cluster support and downside acceleration argues that fall from 1.0128 is not correcting the rise from 0.9541, but that from 0.9186. Intraday bias stays on the downside for next key level at 0.9541 (61.8% retracement of 0.9186 to 1.0128 at 0.9546. On the upside, break of 0.9834 minor resistance is now needed to be the first sign of near term bottoming. Otherwise, further decline will remain in favor even in case of recovery.
In the bigger picture, current development suggests that rise from 0.9186 has possibly completed with three waves up to 1.0128 already. Decline from 1.0128 could either be correcting this move, or reversing the trend. As long as 0.9541 support holds, we’d slightly favor the former scenario, and expect another rise through 1.0128 at a later stage. However, sustained break of 0.9541 will confirm trend reversal and bring deeper fall back to 0.9186 low.
