Daily Pivots: (S1) 1.0140; (P) 1.0151; (R1) 1.0167; More…
USD/CHF’s rally accelerates again to as high as 1.0221 so far. Intraday bias stays on the upside. Current se should target 100% projection of 0.9716 to 1.0124 from 0.9879 at 1.0287, and then 1.0342 key resistance. On the downside, break of 1.0130 minor support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, medium term up trend from 0.9186 is extending. Current rise should target 1.0342 resistance next. For now, we’d be cautious on strong resistance from there to limit upside, until we see medium term upside acceleration. On the downside, break of 0.9879 support is needed to indicate reversal. Otherwise, outlook will stay bullish in case of deep pull back.
