Daily Pivots: (S1) 0.9707; (P) 0.9793; (R1) 0.9945; More…
USD/CHF’s rally extends to as high as 0.9888 so far. Break of 0.9848 resistance affirms the view that whole fall form 1.0237 has completed at 0.9181. Intraday bias stays on the upside for 1.0023 resistance next. For now, further rally will remain in favor as long as 0.9566 support holds, even in case of retreat.
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.
