Daily Pivots: (S1) 0.9773; (P) 0.9813; (R1) 0.9875; More….
Intraday bias in USD/CHF stays on the upside as rise from 0.9420 is in progress. As noted before, medium term fall from 1.0342 should have completed at 0.9420 already. Further rally would be seen back to 61.8% retracement of 1.0342 to 0.9420 at 0.9990. Sustained break there will pave the way to retest 1.0342 high. However, break of 0.9736 support will mixed up the near term outlook and turn bias back to the downside for 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.
