Daily Pivots: (S1) 0.9475; (P) 0.9500; (R1) 0.9549; More…
USD/CHF’s rebound indicates temporary bottoming at 0.9437 and intraday bias is turned neutral first. We remain cautious on strong support from 0.9443 key support to bring reversal. But break of 0.9699 is needed to confirm Otherwise, another fall will be in favor. Sustained trading below 0.9443 will extend the down trend from 1.0342 to 161.8% projection of 1.0342 to 0.9860 from 1.0099 at 0.9319.
In the bigger picture, focus is now back 0.9443 key support level. Sustained break there indicate underlying bearish momentum and would target 0.9 handle and possibly below. Meanwhile, strong rebound from current level and break 0.9699 resistance will extend long term range trading between 0.9443/1.0342.
