Daily Pivots: (S1) 0.9832; (P) 0.9853; (R1) 0.9869; More…
USD/CHF’s recovery from 0.9803 extends but stays below 0.9908. Intraday bias remains neutral first. On the upside, break of 0.9908 resistance would resume the rebound from 0.9695, through 0.9951, to 1.0014 resistance. On the downside, break of 0.9803 will extend the fall from 0.9951 to retest 0.9695 low.
In the bigger picture, up trend from 0.9186 (2018 low) should have 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.
