Daily Pivots: (S1) 0.9397; (P) 0.9467; (R1) 0.9542; More…
USD/CHF quickly recovered after dipping to 0.9391. Intraday bias is turned neutral again. No change in view that rebound from 0.9181 is a corrective move. Upside should be limited by 0.9613 resistance. On the downside, break of 0.9391 will turn bias to the downside for retesting 0.9181/6 key support zone. On the upside, however, sustained break of 0.9613 support turned resistance will indicate bullish reversal and target 0.9484 resistance and above.
In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low). As long as 0.9613 support turned resistance holds, further fall could be seen to 100% projection 1.0342 to 0.9186 from 1.0237 at 0.9081. However, firm break of 0.9613 will suggest that 0.9186 key support (2018 low) was defended. USD/CHF should have then started another rising leg in the long term range pattern, towards resistance zone of 1.0237 and 1.0342 (2016 high).
