Daily Pivots: (S1) 0.9917; (P) 0.9938; (R1) 0.9968; More….

USD/CHF recovers notably after hitting 0.9905. But upside is limited below 0.9990 so far. Intraday bias remains neutral more consolidation could be seen. Below 0.9905 will bring deeper retreat. But downside should be contained by 0.9856 resistance turn support to bring another rally. As note before, corrective pull back from 1.0128 has completed at 0.9716 already. Above 0.9990 will extend the rise from 0.9716 to retest 1.0128 high.

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In the bigger picture, USD/CHF drew strong support from medium term trend line and rebounded. That suggests rise from 0.9186 is still in progress. Break of 0.9963 will affirm this bullish case. Further break of 1.0128 will confirm up trend resumption and target 1.0342 key resistance. Nevertheless, break of 0.9716 will dampen this bullish view and at least bring deeper fall to 0.9541 key support.

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