Daily Pivots: (S1) 0.9358; (P) 0.9395; (R1) 0.9421; More…
USD/CHF’s decline continues today and break of 0.9376 indicates resumption of whole fall from 0.9901. Intraday bias stays on the downside for 100% projection of 0.9901 to 0.9502 from 0.9736 at 0.9337. Sustained break there will pave the way to retest 0.9181 low. On the upside, above 0.9453 minor resistance will turn intraday bias neutral first. But near term outlook will remain bearish as long as 0.9532 resistance holds.
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.
