Daily Pivots: (S1) 0.9863; (P) 0.9887; (R1) 0.9928; More…
Intraday bias in USD/CHF remains neutral at this point. On the downside, break of 0.9842 will indicate that rebound from 0.9695 has completed at 0.9951. In this case, intraday bias will be turned back to the downside for retesting 0.9695 low. On the upside, above 0.9951 will target 1.0014. But upside could be limited by 61.8% retracement of 1.0237 to 0.9695 at 1.0030.
In the bigger picture, current development suggests that up trend from 0.9186 (2018 low) has completed at 1.0237 already. Deeper decline would be seen to 61.8% retracement of 0.9186 to 1.0237 at 0.9587 and below. For now, USD/CHF is seen as in long term range pattern between 0.9186 and 1.0342. Hence, we’d pay attention to bottoming signal below 0.9587. However, sustained break of 1.0014 will revive medium term bullishness and turn focus back to 1.0237 high.
