Daily Pivots: (S1) 1.0076; (P) 1.0094; (R1) 1.0124; More

USD/CHF’s rally is still in progress and intraday bias remains on the upside for 1.0124/8 resistance. We’d be cautious on strong resistance from there to limit upside. Though, decisive break of 1.0124/8 will confirm larger up trend resumption. USD/CHF should target 1.0342 next. On the downside, break of 1.0046 will turn bias to the downside to extend recent sideway trading instead.

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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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