Daily Pivots: (S1) 0.9698; (P) 0.9787; (R1) 0.9839; More…
Intraday bias in USD/CHF is turned neutral as it recovered quickly after initial dip. Further decline is expected as long as 0.9877 resistance holds. On the downside, break of 0.9659 will resume decline from 1.0237 to 0.9587 fibonacci level. However, break of 0.9877 will target 0.9975 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. Nevertheless, break of 0.9975 resistance is needed to indicate completion of the decline from 1.0237. Otherwise, risk will stay on the downside.
