Daily Pivots: (S1) 0.9982; (P) 0.9996; (R1) 1.0012; More

USD/CHF’s rebound from 0.9879 extends higher today. Break of 1.0010 resistance indicates completion of pull back from 1.0124. Intraday bias is back on the upside for retesting 1.0124/28 resistance zone. On the downside, though, below 0.9977 minor support will turn bias back to the downside for 0.9879 support intact.

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In the bigger picture, USD/CHF is still holding above medium term trend line. Rise from 0.9186 could still be in progress. Decisive break of 1.0128 will resume this medium term rally to 1.0342 resistance next. Meanwhile, sustained break of the trend line (now at 0.9884) will argue that whole rise from 0.9186 has completed. Further break of 0.9716 will confirm reversal and target next support level at 0.9541.

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