Daily Pivots: (S1) 0.9905; (P) 0.9948; (R1) 1.0030; More…..
USD/CHF’s rally extends to as high as 1.0055 so far today and intraday bias remains on the upside. As noted before, current development revived the case that correction from 1.0342 is already completed at 0.9812. Further rise should be seen to 1.0107 resistance first. Decisive break there will bring a retest on 1.0342 high. On the downside, below 0.9991 minor support will turn bias neutral and bring consolidation first before staging another rise.
In the bigger picture, we’re still maintaining that firm break of 1.0342 key resistance is needed to confirm underlying bullish momentum in the pair. However, the corrective nature of the fall from 1.0342 is starting to give the medium term outlook a bullish favor. Hence, in stead of looking for topping signal around 1.0342, we’d now pay closer attention to upside acceleration as USD/CHF approaches this level again.