Daily Pivots: (S1) 0.9767; (P) 0.9834; (R1) 0.9924; More…
With 4 hour MACD crossed below signal line, a temporary top is formed at 0.9901 in USD/CHF. Intraday bias is turned neutral for some consolidation first. Downside should be contained by 0.9649 support to bring another rally. As noted before, fall form 1.0237 should have completed at 0.9181. Above 0.9901 will target 1.0023 resistance and then 1.0237.
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.
