Daily Pivots: (S1) 0.9870; (P) 0.9922; (R1) 0.9957; More…..
Intraday bias in USD/CHF remains on the downside for 0.9803 support. Break will confirm completion of rebound from 0.9695 at 0.9975. The three wave structure of the rebound suggests that 1.0237 is still in progress. Further decline should then be seen to 0.9695 low next. On the upside, above 0.9975 minor resistance will extend the rebound to 1.0014 resistance instead.
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.
