Daily Pivots: (S1) 0.9730; (P) 0.9763; (R1) 0.9797; More…
USD/CHF’s rebound from 0.9502 is still in progress and intraday bias stays on the upside for 0.9901 resistance. Decisive break there will resume whole rally from 0.9181. On the downside, break of 0.9648 minor support will extend the correction from 0.9901 with another fall. Intraday bias will be turned to the downside for 61.8% retracement of 0.9181 to 0.9901 at 0.9456 again.
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.
