Daily Pivots: (S1) 1.0018; (P) 1.0033; (R1) 1.0056; More

USD/CHF’s choppy recovery from 0.9879 resumed after brief consolidation and reaches as high as 1.0068. Intraday bias is back on the upside for 1.0124/8 resistance. . However, as the structure of the rise is corrective looking, we’d expect strong resistance from 1.0124 to limit upside to bring another decline. On the downside, below 0.9997 minor support will turn bias to the downside for 0.9879 support.

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In the bigger picture, loss of upside momentum is seen is bearish divergence in daily MACD. But there is no clear sign of bearish reversal in USD/CHF yet. Rise fro 0.9186 is likely still in progress. Decisive break of 1.0128 resistance will resume this medium term rally to 1.0342 resistance next. This will remain the preferred case now, as long as 0.9716 support holds.


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