Daily Pivots: (S1) 0.9965; (P) 1.0026; (R1) 1.0062; More…
USD/CHF’s fall from 1.0128 extends to as low as 0.9957 so far but stays above 0.9952 support. Intraday bias remains neutral first. As long as 0.9952 support holds, further rally remains in favor. On the upside, above 1.0035 minor resistance will turn bias back to the upside for 1.0128. Decisive break there will resume the whole rise from 0.9186 and target 1.0342 key resistance next. However, firm break of 0.9952 will indicate short term topping and bring deeper fall back to 0.9848 support first.
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, break of 0.9848 near term support will dampen this view and bring deeper decline back to 0.9541 support and possibly below.
