Daily Pivots: (S1) 1.0005; (P) 1.0052; (R1) 1.0082; More…
USD/CHF’s decline from 1.0237 resumed by taking out 1.0050 and reached as low as 1.0023 so far. Intraday bias is back on the downside for 61.8% retracement of 0.9879 to 1.0237 at 1.0016. Sustained break will pave the way to retest 0.9879 key support. On the upside, break of 1.0119 resistance will suggest that the decline from 1.0237 has completed and turn bias to the upside.
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.
