Daily Pivots: (S1) 0.9999; (P) 1.0013; (R1) 1.0040; More….

Intraday bias in USD/CHF remains on the upside for the moment. Rise from 0.9716 is in progress for retesting 1.0128 high. As noted before, corrective decline from 1.0128 should have completed at 0.9716 already, after hitting trend line support. Break of 1.0128 will resume larger up trend from 0.9186. On the downside, break of 0.9908 is needed to indicate completion of the rebound. Otherwise, outlook will stay cautiously bullish in case of retreat.

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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. 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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