Daily Pivots: (S1) 1.0035; (P) 1.0077; (R1) 1.0105; More…
Intraday bias in USD/CHF is turned neutral for consolidation above 1.0050 temporary low. But upside of recovery would be limited by 1.0126 support turned resistance to bring another decline. ON the downside, break of 1.0050 will resume the fall from 1.0237 to retest 0.9879 key support.
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.
