Daily Pivots: (S1) 0.9665; (P) 0.9690; (R1) 0.9710; More…
USD/CHF’s rally resumed by taking out 0.9726 resistance. Intraday bias is back on the upside for 38.2% retracement of 1.0342 to 0.9437 at 0.9783 first. Prior break of 0.9699 resistance suggests near term reversal after defending 0.9443 key support. Break of 0.9783 will target channel resistance (now at 0.9890). On the downside, break of 0.9630 minor support will dampen this bullish view and turn bias neutral 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 rise. 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.
