Daily Pivots: (S1) 0.9971; (P) 0.9985; (R1) 1.0004; More…
Intraday bias in USD/CHF remains neutral for the moment. With 1.0008 support turned resistance intact, recovery from 0.9854 is still seen as a corrective move. On the downside, break of 0.9918 minor support will turn bias to the downside or 0.9854 first. On the upside, break of 1.0008 will indicate completion of fall from 1.0237 and turn bias to the upside.
In the bigger picture, USD/CHF’s break of long term trend line support is the first indication of medium term reversal. That is, rise from 0.9186 (2018 low) could have completed at 1.0237 already). Sustained break of 38.2% retracement of 0.9186 to 1.0237 at 0.9836 will confirm and target 61.8% retracement at 0.9587. However, strong rebound from 0.9836 will revive medium term bullishness for 1.0237 and above.
