Daily Pivots: (S1) 0.9895; (P) 0.9913; (R1) 0.9938; More

Focus remains on 0.9929 resistance. Firm break will resume the choppy rise from 0.9659 to 0.9975 resistance next. On the downside, break of 0.9798 will revive the case that recovery from 0.9659 has completed at 0.9929. Further fall should then be seen to 0.9713 support.

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In the bigger picture, the structure of the fall from 1.0237 suggests that it’s a corrective move. Break of 0.9975 will argue that such correction has completed at 0.9659, ahead of 61.8% retracement of 0.9186 to 1.0237 at 0.9587. But decisive break of 1.0237 is needed to indicate up trend resumption. Otherwise, medium term outlook will stay neutral first. Meanwhile, break of 0.9695 support will extend the correction to 0.9541 support instead.

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