Daily Pivots: (S1) 0.9881; (P) 0.9920; (R1) 0.9952; More…..
USD/CHF’s fall from 1.0169 resumes by breaking 0.9881 and intraday bias is back on the downside for 0.9860 support. Break will resume whole decline from 1.03420. In that case, next target will be 100% projection of 1.0342 to 0.9860 from 1.0169 at 0.9687 and possibly below. Meanwhile, break of 0.9959 minor resistance will indicate short term bottoming, on bullish convergence condition in 4 hour MACD. In such case, intraday bias will be turned back to the upside for 55 day EMA (now at 1.0035).
In the bigger picture, USD/CHF is staying in medium term sideway pattern between 0.9443/1.0342. In any case, decisive break of 1.0342 resistance is needed to confirm underlying strength. Otherwise, we’ll stay neutral in the pair first. In case of deeper fall, we’d expect strong support from 0.9443/9548 support zone.
