Daily Pivots: (S1) 1.0025; (P) 1.0038; (R1) 1.0050; More….

Fall from 1.0124 resumed after brief recovery. The deeper than expected decline, and stay below 4 hour 55 EMA, suggests that rise from 0.9926 could have completed. Intraday bias is back on the downside for this key support level. Break will carry larger bearish implication. On the upside, though, break of 1.0063 minor resistance will turn bias back to the upside for retesting 1.0124 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 0.9926 support will be the first signal of medium term reversal and bring another test on the trend line.


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