Daily Pivots: (S1) 0.9788; (P) 0.9820; (R1) 0.9840; More….
Intraday bias in USD/CHF remains neutral for the moment. As noted before, fall from 1.0128 is seen as correcting whole rise from 0.9186. Deeper fall is in favor. On the downside, break of 0.9716 will target 0.9541 cluster support (61.8% retracement of 0.9186 to 1.0128 at 0.9546). Nevertheless, firm break of 0.9963 will suggest that the pull back is completed. Near term outlook will be turned bullish for 1.0128 .
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.
