Daily Pivots: (S1) 1.0140; (P) 1.0151; (R1) 1.0167; More…
USD/CHF is losing some upside momentum as seen in 4 hour MACD. But with 1.0130 minor support intact, intraday bias stays on the upside. Current rally should target 100% projection of 0.9716 to 1.0124 from 0.9879 at 1.0287 next. On the downside, below 1.0130 minor support will turn intraday bias neutral and bring consolidations, before staging another rise.
In the bigger picture, medium term up trend from 0.9186 is extending. Current rise should target 1.0342 resistance next. For now, we’d be cautious on strong resistance from there to limit upside, until we see medium term upside acceleration. On the downside, break of 0.9879 support is needed to indicate reversal. Otherwise, outlook will stay bullish in case of deep pull back.
