Daily Pivots: (S1) 1.0093; (P) 1.0127; (R1) 1.0154; More…
USD/CHF’s decline from 1.0237 accelerates to as low as 1.0050 so far. No support is see at 55 day EMA. Intraday bias remains on the downside for retesting 0.9879 key support. On the upside, break of 1.0126 support turned resistance is needed to indicate completion of the fall from 1.0237. Otherwise, risk will now stay on the downside in case of recovery.
In the bigger picture, as long as 0.9879 support holds, medium term up trend form 0.9186 is still in progress. Break of 1.0237 will target 1.0342 resistance next. For now, we’d be cautious on strong resistance from there to limit upside, until we see medium term upside acceleration. However, decisive break of 0.9879 will be a strong sign of medium term reversal. Focus will be turned back to 0.9716 support for confirmation.
