Daily Pivots: (S1) 0.9899; (P) 0.9974; (R1) 1.0017; More…
USD/CHF’s steep decline suggests that rebound from 0.9543 has completed at 1.0048, after rejection by 1.0063 resistance. Intraday bias mildly on the downside for 0.9543 support. Such fall is seen as the third leg of the corrective pattern from 1.0063. Strong support should be seen at around 0.9543 to contain downside to bring rebound. On the upside, above 0.9866 minor resistance will turn bias back to the upside for retesting 1.0063 resistance.
In the bigger picture, down trend from 1.0342 (2016 high) should have completed with three waves down to 0.8756 (2021 low) already. Rise from 0.8756 is likely a medium term up trend of its own. Next target is 1.0237/0342 resistance zone. This will remain the favored case as long as 0.9471 resistance turned support holds. However, sustained break of 0.9471 will extend long term range trading with another falling leg.
