Daily Pivots: (S1) 0.9955; (P) 1.0030; (R1) 1.0077; More…..
USD/CHF’s sharp decline and break of 1.0008 support indicates that corrective rise from 0.9860 has completed at 1.0169 already. In other words, the whole decline from 1.0342 could be resuming. Intraday bias is turned back to the downside for 0.9860 support first. Break will confirm this view and target 100% projection of 1.0342 to 0.9860 from 1.0169 at 0.9687. On the upside, 1.0059 minor resistance will turn bias neutral. But outlook will now stay bearish as long as 1.0169 resistance holds.
In the bigger picture, prior rejection from 1.0327 resistance argues that USD/CHF is staying in a medium term sideway pattern. In any case, decisive break of 1.0342 resistance is needed to confirm underlying strength. Otherwise, we’ll stay neutral in the pair first. In case of another fall, we’d expect strong support from 0.9443/9548 support zone.
