Daily Pivots: (S1) 0.9609; (P) 0.9684; (R1) 0.9729; More…
USD/CHF’s fall from 0.9802 accelerates lower today. The development suggests that correction from 0.9901 has started the third leg. Intraday bias is back on the downside to 0.9592 support, and then 0.9502. But downside should be contained by 61.8% retracement of 0.9181 to 0.9901 at 0.9456 to rebound. On the upside, break of 0.9802 will target a test on 0.9901 high.
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.
