Daily Pivots: (S1) 0.9961; (P) 0.9990; (R1) 1.0043; More…..
USD/CHF’s rebound from 0.9860 extends today. Breach of 1.0043 minor resistance indicates short term bottoming. And, the fall from 1.0342 could have completed. Intraday bias is turned back to the upside for retesting 1.0342 resistance next. On the downside, below 0.9935 minor support will turn focus back to 0.9860 instead.
In the bigger picture, prior rejection from 1.0327 resistance argues that USD/CHF is staying in a medium term sideway pattern. 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 another fall, we’d expect strong support from 0.9443/9548 support zone. Meanwhile firm break of 1.0342 will target 38.2% retracement of 1.8305 to 0.7065 at 1.1359.
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