Daily Pivots: (S1) 0.9961; (P) 0.9974; (R1) 0.9987; More….
With 0.9932 minor support intact, further rise is still expected in USD/CHF despite diminishing upside momentum. Current rise from 0.9716 should target a test on 1.0128 high next. On the downside, below 0.9932 minor support will turn intraday bias neutral again. But near term outlook will remain cautiously bullish as long as 0.9856 minor support holds.
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.
