Daily Pivots: (S1) 0.9890; (P) 0.9903; (R1) 0.9919; More…
USD/CHF’s break of 0.9904 minor resistance suggests that pull back from 1.0027 has completed at 0.9841, after drawing support from 0.9843 support. Intraday bias is back on the upside for retesting 1.0027 first. However, on the downside, sustained break of 0.9843 support will indicate that choppy rebound from 0.9659 has completed at 1.0027. Deeper fall should be seen to 0.9659 support and below.
In the bigger picture, corrective fall from 1.0237 should have completed at 0.9659 already, 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.
