Daily Pivots: (S1) 0.9452; (P) 0.9482; (R1) 0.9505; More…
USD/CHF drops sharply in early US session, but stays above 0.9337 minor support. Intraday bias remains neutral first. Another rise is expected as long as 0.9337 support holds. Above 0.9533 will target 0.9626 fibonacci level. However, break of 0.9337 will indicate that the rebound has completed. In such case, intraday bias will be turned back to the downside for retesting 0.9186 low.
In the bigger picture, fall from 1.0342 is seen as a medium term down trend. Current development is raising the chance that it is completed. But there is no confirmation yet. Focus will now be back on 38.2% retracement of 1.0342 (2016 high) to 0.9186 (2018 low) at 0.9626. Sustained break there will add much credence to the case of trend reversal and target 61.8% retracement at 0.9900 and above). However, rejection from 0.9626 will maintain medium term bearishness for another low below 0.9186.
