Daily Pivots: (S1) 0.9916; (P) 0.9936; (R1) 0.9966; More…
Intraday bias in USD/CHF is turned neutral with the current recovery. Outlook is unchanged that the correction from 1.0128 might still extend. But in case of another fall downside should be contained by 0.9848 support to bring near term 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.
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.
