Daily Pivots: (S1) 0.9637; (P) 0.9675; (R1) 0.9745; More…
US/CHF’s breach of 0.9763 minor resistance suggests that pull back from 1.0063 has completed at 0.9854 already, ahead of 61.8% retracement of 0.9193 to 1.0063 at 0.9525. Intraday bias is back on the upside for retesting 1.0063 resistance first. Firm break there will resume larger up trend. In case of another fall, strong support is still expected from 0.9525 to bring rebound.
In the bigger picture, down trend from 1.0342 (2016 high) should have completed with three waves down to 0.8756 (2021 low) already. Rise from 0.8756 is likely a medium term up trend of its own. Next target is 1.0237/0342 resistance zone. This will remain the favored case as long as 0.9471 resistance turned support holds. However, sustained break of 0.9471 will extend long term range trading with another falling leg.
