Daily Pivots: (S1) 0.9890; (P) 0.9957; (R1) 1.0011; More…
USD/CHF rises to as high as 1.0016 and hit 61.8% retracement of 1.0237 to 0.9659 at 1.0016. With 0.9949 minor support intact, intraday bias stays on the upside. Break of 1.0016 will target 78.6% retracement at 1.0113. On the downside, break of 0.9949 will turn intraday bias neutral first. But further rally is expected as long as 0.9843 support holds.
In the bigger picture, the structure of the fall from 1.0237 suggests that it’s a corrective move. Sustained break of 0.9975 will argue that such correction has completed at 0.9659, ahead of 61.8% retracement of 0.9186 to 1.0237 at 0.9587. But decisive break of 1.0237 is needed to indicate up trend resumption. Otherwise, medium term outlook will stay neutral first. Meanwhile, break of 0.9695 support will extend the correction to 0.9541 support instead.
