Daily Pivots: (S1) 0.9870; (P) 0.9922; (R1) 0.9957; More…..
USD/CHF’s fall and break of 0.9884 minor support argues that rebound from 0.9695 has completed at 0.9975. The three wave structure suggests that fall from 1.0237 is still in progress. Intraday bias is mildly on the downside for 0.9803 support first. Break will target 0.9695 low next. On the upside, above 0.9975 minor resistance will extend the rebound to 1.0014 resistance instead.
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.
