Daily Pivots: (S1) 0.9860; (P) 0.9892; (R1) 0.9927; More…
Intraday bias in USD/CHF is turned neutral with today’s recovery, after drawing support from 4 hour 55 EMA. Consolidation from 0.9954 could extend with another decline. But in that case, we’d expect strong support from 38.2% retracement of 0.9541 to 0.9954 at 0.9796 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.
