Daily Pivots: (S1) 0.9665; (P) 0.9709; (R1) 0.9737; More…
USD/CHF breached 0.9695 support but recovered quickly. Intraday bias remains neutral first. In case of another recovery, upside should be limited below 0.9975 resistance to bring fall resumption. On the downside, firm break of 0.9695 will resume the decline from 1.0237 to 0.9587 fibonacci level next.
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.
