Daily Pivots: (S1) 0.9538; (P) 0.9600; (R1) 0.9709; More…
USD/CHF’s rebound from 0.9437 accelerated to as high as 0.9720 so far. The break of 0.9699 resistance now suggests that it has bottomed at 0.9437 after defending 0.9443 key support level. This is also supported by bullish convergence condition in daily MACD. Intraday bias is on the upside for 38.2% retracement of 1.0342 to 0.9437 at 0.9783 first. Break will target channel resistance (now at 0.9912). On the downside, below 0.9633 minor support will turn intraday bias neutral and bring consolidations first.
In the bigger picture, current development argues that USD/CHF has successfully defended 0.9443 key support level. And long term range trading in 0.9443/1.0342 is extending with another rising level. At this point, there is no sign of an up trend yet. Hence, while further rise is expected in USD/CHF, we’ll start to be cautious on loss of momentum above 61.8% retracement of 1.0342 to 0.9437 at 0.9996.
