Daily Pivots: (S1) 0.9586; (P) 0.9612; (R1) 0.9650; More…
Intraday bias in USD/CHF remains neutral for the momentum but further decline will remain in favor as long as 0.9736 resistance holds. Corrective pattern from 0.9901 could still extend lower and break of 0.9573 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, break of 0.9736 resistance will turn bias back to the upside 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.
