Daily Pivots: (S1) 1.0004; (P) 1.0047; (R1) 1.0072; More…..
USD/CHF is still staying above 0.9980 support for the moment. Intraday bias remains neutral with cautiously bullish outlook. Corrective fall from 1.0342 should have finished with three waves down to 0.9812. Above 1.0107 will target 1.0169 resistance. Decisive break there will confirm this bullish case and target 1.0342 key resistance next. However, below 0.9980 will dampen this bullish case and turn bias back to the downside for 0.9812 low.
In the bigger picture, we’re still maintain that firm break of 1.0342 key resistance is needed to confirm underlying bullish momentum in the cross. However, the corrective nature of the fall from 1.0342 to 0.9812 is starting to give the medium term outlook a bullish favor. Hence, in stead of looking for topping signal around 1.0342, we’d now pay closer attention to upside acceleration as USD/CHF approaches this level again.
