Daily Pivots: (S1) 0.9757; (P) 0.9854; (R1) 0.9916; More…
Intraday bias in USD/CHF remains on the downside as fall from 1.0237 is in progress. Next target is 0.9716 support. On the upside, break of 0.9861 minor resistance will turn intraday bias neutral and bring consolidations. But recovery should be limited well below 1.0014 resistance to bring fall resumption.
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.
