Daily Pivots: (S1) 0.9759; (P) 0.9784; (R1) 0.9809; More

Intraday bias in USD/CHF remains mildly on the upside at this point. Rebound from 0.9659 is in progress for 55 day EMA (now at 0.9863). Sustained break will target 0.9975 resistance. On the downside, break of 0.9721 minor support will turn bias back to the downside for 0.9659 low instead.

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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. Nevertheless, break of 0.9975 resistance is needed to indicate completion of the decline from 1.0237. Otherwise, risk will stay on the downside.

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