Daily Pivots: (S1) 0.9969; (P) 0.9995; (R1) 1.0015; More

Intraday bias in USD/CHF remains neutral at this point. Firm break of 1.0024 minor resistance suggest that the pull back from 1.0098 is completed. Intraday bias will then be turned back to the upside for retesting 1.0098. On the downside, below 0.9926 will extend the corrective fall to 61.8% retracement of 0.9716 to 1.0098 at 0.9862. We’d look for bottoming signal again below there.

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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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