Daily Pivots: (S1) 0.9525; (P) 0.9575; (R1) 0.9605; More…
USD/CHF rebounded strongly in early US session and focus is back on 0.9647 minor resistance. Break will argue that corrective pattern from 0.9901 might have completed. Intraday bias will be turned back to 0.9784 resistance first. On the downside, break of 0.9541 will extend the correction to 0.9502 support and below. Though, we’d still expect strong support from 61.8% retracement of 0.9181 to 0.9901 at 0.9456 to bring rebound.
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). Break of 0.9901 will extend the rebound form 0.9181 through 1.0023 resistance. After all, medium term range trading will likely continue between 0.9181/1.0237 for some more time.
