Daily Pivots: (S1) 0.9620; (P) 0.9661; (R1) 0.9699; More…
USD/CHF dipped notably after hitting 0.9700 but quickly recovered. Intraday bias is turned neutral first. On the upside, above 0.9700 will resume the rebound from 0.9541 and target 0.9757 resistance first. Firm break there will target 0.9866 key resistance level, 61.8% retracement of 1.0067 to 0.9541 at 0.9866. In case of another fall, we’d expect strong support above 0.9541 low to bring rebound.
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 possibly 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 suggest that fall from 1.0067 has completed and rise from 0.9186 is resuming.
