Daily Pivots: (S1) 0.9878; (P) 0.9944; (R1) 0.9994; More…..
Intraday bias in USD/CHF remains on the downside as fall from 1.0124 is in progress. Prior break of 0.9926 support indicates completion of rise from 0.9716 at 1.0124. Further fall should be seen to retest 0.9716 support first. On the upside, break of 1.0010 minor resistance is needed to confirm completion of the fall. Otherwise, near term outlook will remain bearish in case of recovery.
In the bigger picture, focus is back on medium term trend line (now at 0.9803). Decisive break there argue that whole rise from 0.9186 has completed. Further break of 0.9716 will confirm reversal and target next next support level at 0.9541. Nevertheless, there is still a chance that price action from 1.0128 are forming a consolidative pattern with fall from 1.0124 as third leg. If this is the case, stronger support should be seen between 0.9716 and the trend line to contain downside.