Daily Pivots: (S1) 1.0004; (P) 1.0028; (R1) 1.0047; More….

Intraday bias in USD/CHF remains on the downside at this point. Fall from 1.0124 is in progress for 0.9936 support. Decisive break there 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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