Daily Pivots: (S1) 1.0078; (P) 1.0155; (R1) 1.0255; More…..
USD/CHF rises sharply today and focus is back on 1.0342 resistance. Break will confirm resumption of recent up trend. In that case, intraday bias will be turned back to the upside for 61.8% projection of 0.9548 to 1.0342 from 1.0056 at 1.0547. In case of another retreat, we’d expect downside to be contained by 1.0019 support and bring rebound.
In the bigger picture, the corrective fall from 1.0327 should have completed at 0.9443 already. Rise from 0.9443 could be resuming the long term rally from 2011 low at 0.7065. But decisive break of 1.0327 is needed to confirm. In that case, next medium term upside target will be 38.2% retracement of 1.8305 to 0.7065 at 1.1359. Rejection from 1.0327 will extend the sideway pattern with another fall back to 0.9443/9540 support zone.
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