Daily Pivots: (S1) 1.0004; (P) 1.0020; (R1) 1.0044; More…
Intraday bias in USD/CHF remains neutral at this point. With 0.9977 minor support intact, further rise is in favor. Above 1.0046 will extend the rebound from 0.9879 and turn bias to the upside for 1.0124 resistance. However, as the structure of the rise is corrective looking, we’d expect strong resistance from 1.0124 to limit upside to bring another reversal. On the downside, below 0.9977 minor support will turn bias to the downside for 0.9879 support.
In the bigger picture, loss of upside momentum is seen is bearish divergence in daily MACD. But there is no clear sign of bearish reversal in USD/CHF yet. Rise fro 0.9186 is likely still in progress. Decisive break of 1.0128 resistance will resume this medium term rally to 1.0342 resistance next. This will remain the preferred case now, as long as 0.9716 support holds.
