Daily Pivots: (S1) 0.9360; (P) 0.9409; (R1) 0.9439; More…
Intraday bias in USD/CHF remain s neutral first as range trading continues above 0.9362. Current development argues that larger fall from 0.9901 is not finished. Break of 0.9382 will target a test on 0.9181 low. Meanwhile, break of 0.9467 resistance will indicate short term bottoming and turn bias back to the upside for 0.9532 resistance and above.
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.
