Daily Pivots: (S1) 0.9948; (P) 0.9963; (R1) 0.9978; More…
Despite edging higher to 0.9980, upside momentum in USD/CHF remains weak with 4 hour MACD staying below signal line. Intraday bias remains neutral first. As long as 0.9848 support holds, further rise is expected. Above 0.9980 will extend the rally from 0.9541 to 1.0067 key resistance. However, considering bearish divergence condition in 4 hour MACD, break of 0.9848 will indicate reversal and turn outlook bearish.
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.
