Daily Pivots: (S1) 0.9863; (P) 0.9890; (R1) 0.9937; More…
Intraday bias in USD/CHF remains on the upside for the moment. Rise from 0.9695 is likely in progress. Break of 0.9951 resistance will confirm and target 1.0014 resistance next. 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.
