Daily Pivots: (S1) 0.9922; (P) 0.9944; (R1) 0.9967; More…
USD/CHF rises to as high as 0.9975 so far today. Breach of 0.9977 resistance suggests that the pull back from 1.0067 has completed at 0.9866 already. Intraday bias is back on the upside for retesting 1.0067 first. Decisive break there will resume larger rally from 0.9186. However, break of 0.9920 minor support will turn bias to the downside, to bring another decline to extend the consolidation pattern from 1.0056.
In the bigger picture, current development suggests that the consolidation pattern from 1.0056 is extending with another leg. As long as 38.2% retracement of 0.9186 to 1.0056 at 0.9724 holds, we’d expect rise from 0.9186 to resume at a later stage to retest 1.0342 key resistance (2016 high). However, sustained break of 0.9724 fibonacci level will bring deeper fall, as another declining leg in the long term range pattern.
