Daily Pivots: (S1) 1.0003; (P) 1.0023; (R1) 1.0038; More…
USD/CHF’s strong rebound today suggests temporary bottoming at 1.0008, after hitting 61.8% retracement of 0.9879 to 1.0237 at 1.0016. Intraday bias is turned neutral first. On the upside, decisive break of 1.0119 resistance will suggest that decline from 1.0237 is merely a correction and has completed. Intraday bias will be turned back to the upside for retesting 1.0237. That will also retain medium term bullishness in the pair. On the downside, through, firm break of 1.0008 should pave the way to retest 0.9879 key support next.
In the bigger picture, USD/CHF is losing upside momentum ahead of 1.0342 key resistance (2016 high). There is no clear sign of reversal yet. But even in case of another rise, we’d be cautious on strong resistance from 1.0342 to limit upside. On the downside, break of 0.9879 support will suggest that larger rise from 0.9186 (2018 low) has completed. Deeper fall will be seen to 0.9716 support for confirmation.
