Daily Pivots: (S1) 0.9393; (P) 0.9426; (R1) 0.9477; More…
A temporary low is formed at 0.9376 in USD/CHF with today’s recovery. intraday bias is turned neutral first. Further fall is expected as long as 0.9514 minor resistance holds. Break of 0.9376 will extend the whole decline from 0.9901 to t 100% projection of 0.9901 to 0.9502 from 0.9736 at 0.9337. Nevertheless, firm break of 0.9514 will indicate short term bottoming and bring stronger rebound to 55 day EMA (now at 0.9643).
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.
