Daily Pivots: (S1) 0.9752; (P) 0.9768; (R1) 0.9796; More

USD/CHF’s recovery from 0.9695 extends higher today but stays below 0.9854 support turned resistance. Intraday bias stays neutral and outlook remains bearish for another decline. On the downside, break of 0.9695 will resume the fall from 1.0237 to 0.9587 fibonacci level. Nevertheless, break of 0.9854 will indicate short term bottoming and target 1.0014 resistance instead.

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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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