Daily Pivots: (S1) 0.9521; (P) 0.9546; (R1) 0.9595; More…
USD/CHF’s strong break of near term channel resistance argues that fall from 0.9884 might be finished. Intraday bias is cautiously on the upside for 0.9648 resistance fir. Firm break there will bring stronger rally back to 0.9884 resistance next. On the downside, below 0.9496 minor support will revive near term bearishness and bring retest of 0.9369 low.
In the bigger picture, break of 0.9471 support turned resistance argues that medium term up trend from 0.8756 has completed with three waves up to 1.0063. Long term sideway pattern might have started another falling leg. Deeper decline would now be in favor as long as 0.9648 resistance holds, to 0.9149 structural support. Sustained break there could pave the way back to 0.8756. However, firm break of 0.648 will revive the case that price actions from 1.0063 are just a corrective pattern, and the larger up trend is no over yet.
