Daily Pivots: (S1) 0.9336; (P) 0.9384; (R1) 0.9408; More…
USD/CHF’s break of 0.9340 support indicate short term topping at 0.9439, on bearish divergence condition in 4 hour MACD. More importantly, the corrective rebound from 0.9058 could have completed ahead of 38.2% retracement of 1.0146 to 0.9058 at 0.9474. Intraday bias is back on the downside for 0.9289 resistance turned support first. Decisive break there will bring retest of 0.9058 low. For now, risk will stay on the downside as long as 0.9439 resistance holds, in case of recovery.
In the bigger picture, decline from 1.0146 is seen as part of a long term sideway pattern. As long as 38.2% retracement of 1.0146 to 0.9058 at 0.9474 holds, another fall is in favor through 0.9058. However, sustained trading above 0.9474 will indicate that the medium term trend has reversed, and open up further rally to 61.8% retracement at 0.9730 and above.
