Daily Pivots: (S1) 0.9898; (P) 0.9927; (R1) 0.9953; More…
USD/CHF drops further to as low as 0.9854 so far and intraday bias remains on the downside. Break of 0.9879 support, now suggests that whole up trend from 0.9186 has completed at 1.0237. Further fall should be seen to 0.9716 cluster support (50% retracement of 0.9186 to 1.0237 at 0.9712). On the upside, break of 0.9929 minor resistance will turn intraday bias neutral first. But recovery should be limited by 1.0008 support turned resistance to bring fall resumption.
In the bigger picture, USD/CHF’s break of long term trend line support is the first indication of medium term reversal. Focus is now back on 0.9879 support. Sustained break should confirm that medium term up trend from 0.9186 has completed at 1.0237 already. Further fall should be seen to 0.9716 cluster support (50% retracement of 0.9186 to 1.0237 at 0.9712) next. Break will target 61.8% retracement at 0.9587.
