Daily Pivots: (S1) 0.9724; (P) 0.9745; (R1) 0.9778; More…
Focus is immediately on 0.9802 resistance with today’s rally in USD/CHF. Break will resume the whole rebound from 0.9502. Intraday bias will be turned back to the upside for 0.9901 resistance. On the downside, break of 0.9712 support will extend the consolidation pattern from 0.9901 with another falling leg. Intraday bias will be turned to the downside for 0.9592 support first. Overall, downside should be 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). 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.
