Daily Pivots: (S1) 0.9886; (P) 0.9911; (R1) 0.9925; More…
Intraday bias in USD/CHF is mildly on the downside. Current pull back from 0.9954 could extend to 38.2% retracement of 0.9541 to 0.9954 at 0.9796. But we’d expect strong support from there to bring rebound, and then rise resumption. On the upside, break of 0.9954 will resume the rally from 0.90541 and target 1.0067 resistance next.
In the bigger picture, the pullback from 1.0067 has completed at 0.9541 already. And rise from 0.9186 is likely resuming. Firm break of 1.0067 will pave the way to retest 1.0342 key resistance. We’d be cautious on strong resistance from there to limit upside to bring another medium term fall to extend long term range trading.
