Daily Pivots: (S1) 0.9525; (P) 0.9575; (R1) 0.9605; More…
USD/CHF’s decline resumed after recovery was rejected by 4 hour 55 EMA. Intraday bias is back on the downside for 0.9502 support and below. Though, we’d still expect strong support from 61.8% retracement of 0.9181 to 0.9901 at 0.9456 to complete the consolidation pattern from 0.9901. On the upside, break of 0.9647 resistance should turn bias back to the upside for rebound. However, sustained trading below 0.9456 could pave the way to 0.9181 low.
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.
