Daily Pivots: (S1) 0.9577; (P) 0.9624; (R1) 0.9658; More…
With 0.9669 minor resistance intact, intraday bias in USD/CHF remains on the downside for the moment. Correction from 0.9901 is in its third leg. Deeper fall could be seen through 0.9592 support to 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, above 0.9669 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.
