Daily Pivots: (S1) 0.9923; (P) 0.9951; (R1) 0.9974; More…
USD/CHF’s retreat from 0.9977 extend lower today and focus is back on 0.9900 minor support. Break will resume the fall from 1.0067 and target 0.9856 support first. On the upside, break of 0.9977 will reaffirm the case that pull back from 1.0067 is completed. And, intraday bias will be back on the upside for retesting 1.0067. Firm break there will resume whole rally from 0.9186.
In the bigger picture, as long as 0.9787 support holds, we’re favoring the bullish case. That is, rise from 0.9787 is resuming the whole up trend from 0.9186 and should target 1.0342 key resistance on resumption. However, break of 0.9787 will indicate medium term reversal and turn outlook bearish.
