Daily Pivots: (S1) 0.9920; (P) 0.9939; (R1) 0.9970; More…
USD/CHF recovered ahead of 38.2% retracement of 0.9541 to 1.0128 at 0.9904 and intraday bias is turned neutral first. Deeper decline could still be seen and below 0.9908 will target 0.9848 key support level. On the upside, above 1.0006 minor resistance will indicate that the pull back has completed. Intraday bias will be turned back to the upside for retesting 1.0128 high.
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.
