Daily Pivots: (S1) 0.9986; (P) 1.0017; (R1) 1.0067; More…
USD/CHF rebounds further today but stays below 1.0094. Intraday bias remains neutral first. Considering bearish divergence condition in 4 hour MACD, a short term top is possibly in place at 1.0094. On the downside, below 0.9968 will extend the decline from 1.0094 into 0.9848/9954 support zone. On the upside, though, break of 1.0094 and sustained trading above 1.0067 will confirm resumption of larger rise from 0.9186 and should target 1.0342 key resistance next.
In the bigger picture, the pullback from 1.0067 has completed at 0.9541 already. And rise from 0.9186 is likely resuming. Firm break of 1.0067 will pave the way to retest 1.0342 key resistance. We’d be cautious on strong resistance from there to limit upside to bring another medium term fall to extend long term range trading. However, firm break of 0.9848 near term resistance will dampen this view and bring deeper decline back to 0.9541 support and possibly below.
