Daily Pivots: (S1) 0.9863; (P) 0.9890; (R1) 0.9937; More…
Breach of 0.9908 minor resistance suggests that pull back from 0.9951 has completed at 0.9803. And, rebound from 0.9695 is still in progress. Intraday bias is turned back to the upside for 0.9951 first. Break will target 1.0014 resistance. On the downside, break of 0.9803 will turn bias to the downside for 0.9695 instead.
In the bigger picture, up trend from 0.9186 (2018 low) should have completed at 1.0237 already. Deeper decline would be seen to 61.8% retracement of 0.9186 to 1.0237 at 0.9587 and below. For now, USD/CHF is seen as in long term range pattern between 0.9186 and 1.0342. Hence, we’d pay attention to bottoming signal below 0.9587. However, sustained break of 1.0014 will revive medium term bullishness and turn focus back to 1.0237 high.
