Daily Pivots: (S1) 0.9874; (P) 0.9900; (R1) 0.9947; More…
USD/CHF’s strong rebound and break of 0.9914 minor resistance dampened the original bearish view. Pull back from 0.9983 could have completed at 0.9843 already. Focus is back on 0.9983. Decisive break there should confirm completion of whole fall from 1.0237. Further rise should then be seen to retest 1.0237. On the downside, break of 0.9843 will turn bias back to the downside for 0.9798 support.
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.
