Daily Pivots: (S1) 0.9558; (P) 0.9621; (R1) 0.9654; More…
USD/CHF’s decline resumed by taking out 0.9599 and reaches as low as 0.9582 so far. Intraday bias is back on the downside as fall from 1.0067 would target 0.9523 fibonacci level. We’d look for bottoming sign there to bring rebound. On the upside, break of 0.9699 minor resistance will indicate short term bottoming and target 0.9757 resistance.
In the bigger picture, rise from 0.9186 low has completed at 1.0067, after failing to sustain above 1.0037 resistance. Fall from 1.0067 could extend to 61.8% retracement of 0.9816 to 1.0067 at 0.9523 and below. But for now, we don’t expect a break of 0.9186 low. On the upside, firm break of 0.9866 support turned resistance will suggests that fall from 1.0067 has completed and rise from 0.9186 is resuming.
