Daily Pivots: (S1) 1.0188; (P) 1.0208; (R1) 1.0224; More…
Intraday bias in USD/CHF remains neutral first and consolidation from 1.0230 temporary top might extend. Downside of retreat should be contained by 1.0130 minor support to bring rise resumption. On the upside, above 1.0230 will extend recent rally to 100% projection of 0.9716 to 1.0124 from 0.9879 at 1.0287, and then 1.0342 key resistance. However, break of 1.0130 will indicate short term topping and bring deeper retreat first.
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.
