Daily Pivots: (S1) 0.9711; (P) 0.9748; (R1) 0.9766; More…
USD/CHF retreated ahead of 0.9802 resistance and intraday bias is turned neutral first. Overall, consolidation from 0.9901 is still in progress. Below 0.9681 minor support will turn bias to the downside for 0.9588 support, and possibly below. But downside should be contained by 61.8% retracement of 0.9181 to 0.9901 at 0.9456 to bring rebound. On the upside, break of 0.9802 resistance will target a test on 0.9901 resistance.
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.
