Daily Pivots: (S1) 0.9698; (P) 0.9787; (R1) 0.9839; More…
Intraday bias in USD/CHF remains on the downside at this point. Corrective rise from 0.9659 should have completed at 0.9887. Deeper fall should be seen to retest 0.9659 first. Break will resume whole decline from 1.0237 to 0.9587 fibonacci level. For now, risk will stay on the downside as long as 0.9877 holds, in case of recovery.
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.
