Daily Pivots: (S1) 0.9909; (P) 0.9944; (R1) 1.0012; More….
USD/CHF’s rally accelerates to as high as 1.0037 so far today. 61.8% retracement of 1.0342 to 0.9420 at 0.9990 is firmly taken out. Intraday bias remains on the upside for 1.0099 resistance first. Break will pave the way to 1.0342 key resistance level next. On the downside, below 0.9980 minor support will turn intraday bias neutral first. But retreat should be contained by 0.9835 resistance turned support and bring another rally.
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.
