Daily Pivots: (S1) 0.9450; (P) 0.9489; (R1) 0.9512; More…
USD/CHF’s break of 0.9463 minor support suggests that corrective rebound form 0.9376 has completed. Intraday bias is back on the downside for retesting 0.9376 first. Firm break there will resume whole decline from 0.9901. Next downside target will be 100% projection of 0.9901 to 0.9502 from 0.9736 at 0.9337. On the upside, break of 0.9554 will turn bias back to the upside to resume the rebound 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.
