Daily Pivots: (S1) 0.9790; (P) 0.9849; (R1) 0.9883; More…..
Intraday bias in USD/CHF remains on the downside as this point. Corrective recovery from 0.9695 should have completed with three waves up to 0.9975. Break of 0.9803 support confirms this case and next target if 0.9695. On the upside, above 0.9840 minor resistance will turn intraday bias neutral again.
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.
