Daily Pivots: (S1) 0.9710; (P) 0.9766; (R1) 0.9799; More….
USD/CHF’s decline from 1.0128 accelerated to as low as 0.9716. The deeper than expected decline suggests that fall from 1.0128 is correcting whole rise from 0.9186. Intraday bias remains 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, above 0.9787 minor resistance will turn intraday bias neutral first. But break of 0.9963 resistance is needed to confirm completion of the fall. Otherwise, deeper 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.
