Daily Pivots: (S1) 1.0045; (P) 1.0064; (R1) 1.0096; More

Intraday bias in USD/CHF remains on the upside for 1.0124/8 resistance. We’d be cautious on strong resistance from there to limit upside. On the downside, below 0.9997 minor support will turn bias to the downside for 0.9879 support. Nevertheless, sustained break of 1.0124/8 will confirm larger up trend resumption.

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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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