Daily Pivots: (S1) 0.9915; (P) 0.9935; (R1) 0.9972; More…
USD/CHF’s rally continues today and reaches as high as 0.9975 so far. Intraday bias stays on the upside at this point. Current rise from 0.9541 should target 1.0067 key resistance and then 61.8% projection of 0.9541 to 0.9954 from 0.9848 at 1.0103. On the downside, break of 0.9848 support is needed to indicate short term topping. Otherwise, further rally will be expected even in case of retreat.
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.
