Daily Pivots: (S1) 0.9573; (P) 0.9627; (R1) 0.9658; More…
USD/CHF’s break of 0.9687 minor resistance suggests that pull back from 0.9797 has completed at 0.9592. Intraday bias is turned back to the upside for 0.9797 resistance first. Break will target a test on 0.9901. On the downside, below 0.9592 will extend the consolidation from 0.9901 with another fall to 0.9502. Overall, downside should contained by 61.8% retracement of 0.9181 to 0.9901 at 0.9456 to rebound.
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.
