Daily Pivots: (S1) 0.9750; (P) 0.9773; (R1) 0.9805; More….
The break of 0.9772 resistance, and sustained trading above medium term channel resistance, argues that fall from 1.0342 is already completed. And the trend is reversing. intraday bias is now on the upside for 61.8% retracement of 1.0342 to 0.9420 at 0.9990. On the downside, break of 0.9708 support will dampen this bullish view and turn focus back to 0.9587 support instead.
In the bigger picture, current development suggests that USD/CHF has defended 0.9443 (2016 low) key support level again. Rise from 0.9420 could develop into a medium term move and target a test on 1.0342 high. This represents the upper end of a long term range that started back in 2015. On the downside, break of 0.9587 support is now needed to indicate completion of the rise from 0.9420. Otherwise, further rally will remain in favor in medium term.
