Daily Pivots: (S1) 1.0084; (P) 1.0107; (R1) 1.0141; More…..
USD/CHF’s consolidation from 1.0145 temporary top continues today and intraday bias remains neutral at this point. As long as 1.008 minor support holds, further rise would be mildly in favor. Break of 1.0145 will extend the whole rebound from 0.9860 and target test on 1.0342 key resistance. Based on neutral medium term outlook, we’d be cautious on topping at around 1.0342. On the downside, break of 1.0008, however, will indicate completion of the rebound from 0.9860. And intraday bias will be turned back to the downside for 0.9860.
In the bigger picture, prior rejection from 1.0327 resistance argues that USD/CHF is staying in a medium term sideway pattern. In any case, decisive break of 1.0342 resistance is needed to confirm underlying strength. Otherwise, we’ll stay neutral in the pair first. In case of another fall, we’d expect strong support from 0.9443/9548 support zone. Meanwhile firm break of 1.0342 will target 38.2% retracement of 1.8305 to 0.7065 at 1.1359.
