Daily Pivots: (S1) 0.9647; (P) 0.9662; (R1) 0.9689; More…..
As long as 0.9688 minor resistance holds, deeper decline is expected in USD/CHF. Break of 0.9633 will resume whole decline from 1.0067 and target 0.9523 fibonacci level next. On the upside, above 0.9688 minor resistance will dampen this bearish case and target 0.9757 resistance. Break of 0.9757 resistance will indicate near term reversal and bring stronger rebound back to 0.9866 support turned resistance for confirmation.
In the bigger picture, rise from 0.9186 low has completed at 1.0067, after failing to sustain above 1.0037 resistance. Fall from 1.0067 could extend to 61.8% retracement of 0.9816 to 1.0067 at 0.9523 and below. But for now, we don’t expect a break of 0.9186 low. On the upside, firm break of 0.9866 support turned resistance will suggests that fall from 1.0067 has completed and rise from 0.9186 is resuming.
