Daily Pivots: (S1) 0.9820; (P) 0.9847; (R1) 0.9894; More…
USD/CHF’s break of 0.9877 suggests resumption of rebound from 0.9659. Intraday bias is back on the upside for 0.9975 resistance first. Decisive break there should confirm near term reversal and target 1.0237 high next. On the downside, below 0.9800 minor support will turn bias to the downside for 0.9713 support 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 will turn focus back to 1.0237. Break will resume larger up trend.
