Daily Pivots: (S1) 0.9918; (P) 0.9972; (R1) 1.0024; More…
Intraday bias in USD/CHF retreats sharply with a temporary top formed at 1.0027. Some consolidations could be seen but further rise is expected as long as 0.9843 support holds. On the upside, break of 1.0027 will extend the rally from 0.9659 to 78.6% retracement of 1.0237 to 0.9659 at 1.0113 next. Break will target retest on 1.0237 high.
In the bigger picture, the structure of the fall from 1.0237 suggests that it’s a corrective move. Sustained break of 0.9975 will argue that such correction has completed at 0.9659, ahead of 61.8% retracement of 0.9186 to 1.0237 at 0.9587. But decisive break of 1.0237 is needed to indicate up trend resumption. Otherwise, medium term outlook will stay neutral first. Meanwhile, break of 0.9695 support will extend the correction to 0.9541 support instead.
