Daily Pivots: (S1) 0.9905; (P) 0.9921; (R1) 0.9934; More…..
With 4 hour MACD crossed below signal line, intraday bias in USD/CHF is turned neutral first. Further rise is expected with 0.9874 minor support intact. Break of 0.9951 resistance will resume the rebound from 0.9695 to 1.0014 resistance next. On the downside, break of 0.9874 minor support will turn bias back to the downside for 0.9803 support and below.
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.
