Daily Pivots: (S1) 0.9693; (P) 0.9718; (R1) 0.9748; More…
USD/CHF’s break of 0.9686 minor support suggests completion of rebound from 0.9502. Correction from 0.9901 should have then started the third leg. Intraday bias is now on the downside for 61.8% retracement of 0.9181 to 0.9901 at 0.9456 again. On the upside, above 0.9797 will target 0.9901 high 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.
