Daily Pivots: (S1) 0.9829; (P) 0.9872; (R1) 0.9899; More

USD/CHF’s break of 0.9854 support argues that corrective rebound from 0.9659 has completed at 0.9983, after failing to sustain above 0.9975 resistance. Intraday bias is turned back to the downside for 0.9798 support first. Break will bring retest of 0.9659 low. On the upside, break of 0.9914 minor resistance will turn intraday bias neutral first. But risk will now stay on the downside as long as 0.9983 resistance holds.

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In the bigger picture, the structure of the fall from 1.0237 suggests that it’s a corrective move. Sustained 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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