Daily Pivots: (S1) 0.9984; (P) 1.0004; (R1) 1.0041; More…
USD/CHF’s break of 1.0026 suggests resumption of rise from 0.9541. Intraday bias is turned back to the upside for 1.0067 resistance. Decisive break there will confirm resumption of larger rise from 0.9186 and should target 1.0342 key resistance next. In any case, near term outlook will remain bullish as long as 0.9848 support holds.
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.
