Daily Pivots: (S1) 0.9262; (P) 0.9279; (R1) 0.9307; More…
Intraday bias in USD/CHF remains on the upside at this point. Rise form 0.8998 short term bottom is still in progress for resistance zone of 0.9376 and 38.2% retracement of 0.9901 to 0.8998 at 0.9343. Sustained break there will carry larger bullish implications and target 61.8% retracement at 0.9556. On the downside, break of 0.9250 minor support will turn intraday bias neutral and bring some consolidations first.
In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 high). There is no clear sign of completion yet. On resumption, next target will be 138.2% projection of 1.0342 to 0.9186 from 1.0237 at 0.8639. Nevertheless, strong break of 0.9376 support turned resistance will be an early sign of trend reversal and turn focus back to 0.9901 key resistance for confirmation.
