Daily Pivots: (S1) 0.9720; (P) 0.9747; (R1) 0.9787; More…
Intraday bias in USD/CHF remains neutral with focus on 0.9797 resistance. On the upside, break of 0.9797 will resume rise from 0.9502 and target retest of 0.9901 high. On the downside, break of 0.9592 support will bring deeper decline. But downside should be contained by 61.8% retracement of 0.9181 to 0.9901 at 0.9456 to rebound. Overall, consolidation from 0.9901 is still in progress and could extend further.
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). Break of 0.9901 will extend the rebound form 0.9181 through 1.0023 resistance. After all, medium term range trading will likely continue between 0.9181/1.0237 for some more time.
