Daily Pivots: (S1) 0.9886; (P) 0.9938; (R1) 0.9981; More…
USD/CHF’s breach of 0.9908 suggests fall resumption. Intraday bias is now on the downside for 0.9848 support. Firm break there will confirm near term reversal and target target 61.8% retracement of 0.9541 to 1.0128 at 0.9765. On the upside, though, break of 1.0008 resistance will indicate that the pull back from 1.0128 has completed. Intraday bias will be turned back to the upside for retesting 1.0128 high.
In the bigger picture, rise from 0.9541 could have topped at 1.0128. But as long as 0.9541 support holds, we’d still expect rise from 0.9186 to resume at a later stage. Break of 1.0128 will target 1.0342 key resistance. However, break of 0.9541 will pave the way back to 0.9186 low.
