Daily Pivots: (S1) 0.9609; (P) 0.9684; (R1) 0.9729; More…
Intraday bias in USD/CHF remains on the downside at this point. Fall from 0.9802 is seen as the third leg of the corrective pattern form 0.9901. Break of 0.9592 support will target 0.9502 next. But downside should be contained by 61.8% retracement of 0.9181 to 0.9901 at 0.9456 to rebound. On the upside, above 0.9700 minor resistance will turn bias neutral first.
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.
