Daily Pivots: (S1) 0.9924; (P) 0.9950; (R1) 0.9988; More…..
USD/CHF’s rebound from 0.9812 is still in progress and intraday bias remains on the upside at this point. The rise from 0.9812 short term bottom should target 55 day EMA (now at 1.0023) next. Sustained trading above there will argue that whole decline from 1.0342 has completed. Further rise should then be seen to 1.0169 resistance for confirmation. On the downside, below 0.9912 minor support will turn bias back to the downside for 0.9812 instead.
In the bigger picture, USD/CHF is staying in medium term sideway pattern between 0.9443/1.0342. 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 deeper fall, we’d expect strong support from 0.9443/9548 support zone.
