Daily Pivots: (S1) 0.9526; (P) 0.9568; (R1) 0.9634; More…
USD/CHF’s break of 0.9655 minor resistance suggests that corrective pull back from 0.9901 has completed. Intraday bias is back on the upside for retest 0.9901. On the downside, sustained break of 61.8% retracement of 0.9181 to 0.9901 at 0.9456 will target a test on 0.9181/6 key support zone instead.
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.
