Daily Pivots: (S1) 0.9494; (P) 0.9572; (R1) 0.9689; More…
Intraday bias in USD/CHF remains on the upside at this point. The break of 0.9613 support turned resistance suggests that whole decline from 1.0237 has completed at 0.9181. Further rise should be seen to 0.9848 resistance next. On the downside, break of 0.9391 support will turn bias to the downside for retesting 0.9181/6 key support zone.
In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low). It could have completed at 0.9181 after hitting 0.9186 key support (2018 low). Further rise could be seen to retest 1.0237 high. After all, medium term range trading will likely continue between 0.9181/1.0237 for some time.
