Daily Pivots: (S1) 0.9390; (P) 0.9424; (R1) 0.9477; More

USD/CHF’s breach of 0.9453 minor resistance suggests short term bottoming at 0.9362. Intraday bias is turned back to the upside for 0.9532 resistance first. Sustained break there will confirm this case and turn near term outlook bullish for stronger rise. Nevertheless, break of 0.9362 will resume the fall from 0.9901 to 100% projection of 0.9901 to 0.9502 from 0.9736 at 0.9337.

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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.

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