Daily Pivots: (S1) 0.9757; (P) 0.9803; (R1) 0.9891; More….

Intraday bias in USD/CHF remains neutral at this point. We’d expect rebound from 0.9716 to be limited well below 0.9963 resistance to bring another decline. The fall from 1.0128 should be correcting whole rise from 0.9186. Below 0.9716 will target 0.9541 (61.8% retracement of 0.9186 to 1.0128 at 0.9546).

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In the bigger picture, current development suggests that rise from 0.9186 has possibly completed with three waves up to 1.0128 already. Decline from 1.0128 could either be correcting this move, or reversing the trend. As long as 0.9541 support holds, we’d slightly favor the former scenario, and expect another rise through 1.0128 at a later stage. However, sustained break of 0.9541 will confirm trend reversal and bring deeper fall back to 0.9186 low.

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