Daily Pivots: (S1) 0.9909; (P) 0.9944; (R1) 1.0012; More….
USD/CHF rally continues today and reaches as high as 0.9995 so far. 61.8% retracement of 1.0342 to 0.9420 at 0.9990 is already met. Intraday bias remains on the upside and sustained break of 0.9990 will pave the way to retest 1.0342 high. On the downside, below 0.9939 minor support will turn intraday bias neutral first. But outlook will remain bullish as long as 0.9736 support holds.
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 0.9736 support is now needed to indicate completion of the rise from 0.9420. Otherwise, further rally will remain in favor in medium term.
