Daily Pivots: (S1) 0.9942; (P) 0.9967; (R1) 1.0005; More

USD/CHF’s pull back from 0.9989 accelerates lower today. Focus is back on 0.9911 minor support. Break there will confirm completion of the rebound from 0.9862. Deeper decline would be seen back to 0.9862. For now, price actions from 1.0128 are viewed as a corrective move. We’d expect strong support from 0.9848 support to bring reversal. On the upside, above 0.9989 will turn bias back to the upside. Break of 1.0008 will target a test on 1.0128 high.

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In the bigger picture, current development suggests that the medium term rally from 0.9186 hasn’t completed yet. Break of 1.0128 will target 1.0342 key resistance next (2016 high). On the downside, break of 0.9848 support will dampen this bullish view and turn focus back to 0.9541 key support instead.

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