Daily Pivots: (S1) 0.9565; (P) 0.9671; (R1) 0.9738; More…
USD/CHF’s deeper than expected decline and break of 0.9649 minor support dampens out immediate bullish view. Deeper fall is expected as long as 0.9718 minor resistance holds, for 61.8% retracement of 0.9181 to 0.9901 at 0.9456. Sustained break there will target a test on 0.9181/6 key support holds. nevertheless, break of 0.9718 will indicate completion of the pull back. Intraday bias will be turned back to the upside for 0.9901 next.
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.
