Daily Pivots: (S1) 0.9542; (P) 0.9591; (R1) 0.9625; More…
Intraday bias in USD/CHF remains neutral as range trading continues. On the upside, break of 0.9647 minor resistance will argue that consolidation pattern from 0.9901 has completed. Intraday bias will be turned back to the upside for 0.9784 resistance first. On the downside, break of 0.9541 will bring another fall, but downside should be contained by 61.8% retracement of 0.9181 to 0.9901 at 0.9456 to rebound.
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.
