Daily Pivots: (S1) 0.9908; (P) 0.9927; (R1) 0.9954; More…..
No change in USD/CHF’s outlook. Intraday bias remains mildly on the upside or 0.9951 resistance. Break will confirm resumption whole rebound from 0.9695. Next target will be 1.0014 resistance. On the downside, break of 0.9874 minor support will turn bias back to the downside for 0.9803 support and below.
In the bigger picture, up trend from 0.9186 (2018 low) should have 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. However, sustained break of 1.0014 will revive medium term bullishness and turn focus back to 1.0237 high.
