Daily Pivots: (S1) 0.9642; (P) 0.9665; (R1) 0.9699; More…
USD/CHF formed a temporary low at 0.9629 and intraday bias is turned neutral first. Fall from 0.9797 is seen as the third leg of the correction from 0.9901. Below 0.9629 will target 0.9502 and possibly further to 61.8% retracement of 0.9181 to 0.9901 at 0.9456 again. On the upside, above 0.9686 minor resistance will turn bias back to the upside for 0.9797 resistance instead.
In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low). It could have completed at 0.9181 after hitting 0.9186 key support (2018 low). Further rise could be seen to retest 1.0237 high. After all, medium term range trading will likely continue between 0.9181/1.0237 for some time.
