Daily Pivots: (S1) 0.9577; (P) 0.9624; (R1) 0.9658; More…
With 4 hour MACD crossed above signal line, intraday bias in USD/CHF is turned neutral. Correction from 0.9901 is in its third leg and further fall is in favor. Break of 0.9588 will target 0.9502 support. But downside should be contained by 61.8% retracement of 0.9181 to 0.9901 at 0.9456 to rebound. On the upside, above 0.9669 minor resistance will turn bias back to the upside for 0.9802 resistance instead.
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). Break of 0.9901 will extend the rebound form 0.9181 through 1.0023 resistance. After all, medium term range trading will likely continue between 0.9181/1.0237 for some more time.
