Daily Pivots: (S1) 0.9999; (P) 1.0027; (R1) 1.0073; More

USD/CHF’s break of 1.0024 resistance indicates that corrective pull back from 1.0098 has completed at 0.9926 already. Intraday bias is back on the upside for retesting 1.0098 first. Break will target 1.0128 key resistance. On the downside, below 0.9997 minor support will turn bias back to the downside to extend the correction from 1.0098 instead.

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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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