Daily Pivots: (S1) 1.0018; (P) 1.0036; (R1) 1.0070; More…
Intraday bias in USD/CHF is turned neutral with today’s dip. But consolidation would brief as long as 0.9982 minor support holds. Break of 1.0056 will resume recent rise for 1.0342 key resistance. However, break of 0.9982 will turn bias to the downside for deeper pull back, possibly to trend line support (now at 0.9748) before staging another rally.
In the bigger picture, medium term decline from 1.0342 has completed with three waves down to 0.9186. Rise from there is currently viewed as a leg inside the long term range pattern. Hence, while further rally would be seen, we’d be cautious on strong resistance from 1.0342 to limit upside. For now, further rise is expected as long as 0.9648 resistance turned support holds, even in case of pull back.
