Daily Pivots: (S1) 0.9692; (P) 0.9738; (R1) 0.9766; More

Intraday bias in USD/CHF remains on the downside for the moment. With 0.9716 support broken, next target would be 0.9587 fibonacci level. On the upside, above 0.9783 minor resistance will turn intraday bias neutral and bring consolidations first. But recovery should be limited well below 1.0014 resistance to bring fall resumption.

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In the bigger picture, current development confirms that up trend from 0.9186 (2018 low) has completed at 1.0237 already. With 38.2% retracement of 0.9186 to 1.0237 at 0.9836 taken out, deeper fall should be seen to 61.8% retracement at 0.9587 and below. We’d pay attention to bottoming signal below 0.9587.

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