Daily Pivots: (S1) 0.9573; (P) 0.9627; (R1) 0.9658; More…
Intraday bias in USD/CHF remains on the downside at this point. Fall from 0.9797 should target 0.9502 and below. But price actions from 0.9901 are possibly forming a consolidation pattern. Strong support might be seen from 61.8% retracement of 0.9181 to 0.9901 at 0.9456 to rebound. On the upside, above 0.9687 minor resistance will turn bias back to the upside for 0.9797 resistance. However, sustained break of 0.9456 will pave the way to retest 0.9181 low.
In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low). It could have completed at 0.9181 after hitting 0.9186 key support (2018 low). Further rise could be seen to retest 1.0237 high. After all, medium term range trading will likely continue between 0.9181/1.0237 for some time.
