Daily Pivots: (S1) 0.9743; (P) 0.9759; (R1) 0.9779; More…
USD/CHF rebounds further today but it’s staying below 0.9854 support turned resistance so far. Intraday bias remains neutral first. On the upside, firm break of 0.9854 will confirm short term bottoming. Stronger rebound should be seen back to 1.0014 resistance next. However, rejection by 0.9854 will retain near term bearishness. Break of 0.9738 will turn bias back to the downside to retest 0.9695 low.
In the bigger picture, current development suggests that up trend from 0.9186 (2018 low) has completed at 1.0237 already. Deeper decline would be seen to 61.8% retracement of 0.9186 to 1.0237 at 0.9587 and below. For now, USD/CHF is seen as in long term range pattern between 0.9186 and 1.0342. Hence, we’d pay attention to bottoming signal below 0.9587.
