Daily Pivots: (S1) 1.0012; (P) 1.0030; (R1) 1.0050; More…
A temporary top is formed at 1.0046 with current retreat. Intraday bias in USD/CHF is turned neutral first. On the upside, above 1.0046 will extend the rise from 0.9879 to 1.0124/28 resistance zone. Decisive break will resume larger up trend from 0.9186. On the downside, though, below 0.9977 minor support will turn bias back to the downside for 0.9879 support instead.
In the bigger picture, USD/CHF is still holding above medium term trend line. Rise from 0.9186 could still be in progress. Decisive break of 1.0128 will resume this medium term rally to 1.0342 resistance next. Meanwhile, sustained break of the trend line (now at 0.9884) will argue that whole rise from 0.9186 has completed. Further break of 0.9716 will confirm reversal and target next support level at 0.9541.
