Daily Pivots: (S1) 0.9465; (P) 0.9525; (R1) 0.9568; More…
Intraday bias in USD/CHF remains on the downside at this point. With 0.9502 support broken, deeper decline would be seen to 61.8% retracement of 0.9181 to 0.9901 at 0.9456. We’d expect strong support from there to bring rebound. On the upside, break of 0.9541 minor resistance will turn intraday bias back to the upside. However, sustained break of 0.9456 will target 100% projection of 0.9901 to 0.9502 from 0.9736 at 0.9337.
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 from 0.9181 through 1.0023 resistance. After all, medium term range trading will likely continue between 0.9181/1.0237 for some more time.
