Daily Pivots: (S1) 1.0050; (P) 1.0089; (R1) 1.0110; More…
USD/CHF retreated after forming a temporary top at 1.0128. Intraday bias is turned neutral for consolidation. Another rally is expected as long as 0.9952 support holds. On the upside, break of 1.0128 would resume larger rise from 0.9186 and target 1.0342 key resistance. However, firm break of 0.9952 will indicate short term topping and bring deeper fall.
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. However, firm break of 0.9848 near term support will dampen this view and bring deeper decline back to 0.9541 support and possibly below.
