Daily Pivots: (S1) 0.9876; (P) 0.9895; (R1) 0.9923; More…
A temporary low is formed at 0.9862 with today’s recovery. Intraday bias in USD/CHF is turned neutral first. On the downside, below 0.9862 will target 0.9848 support first. Sustained break there will confirm near term reversal and target 61.8% retracement of 0.9541 to 1.0128 at 0.9765 and below. On the upside, break of 1.0008 resistance will indicate that the pull back from 1.0128 has completed and bring retest of this 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 0.9514 will pave the way back to 0.9186 low.
