Daily Pivots: (S1) 0.9154; (P) 0.9181; (R1) 0.9225; More…
USD/CHF’s break of 0.9200 resistance indicates resumption rebound form 0.8998 short term bottom. Intraday bias is turned back to the upside for 38.2% retracement of 0.9901 to 0.8998 at 0.9343. On the downside, break of 0.9051 support is needed to confirm completion of the rebound. Otherwise, further rise will remain in favor in case of retreat.
In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low), which is still extending. Sustained trading below 100% projection of 1.0342 to 0.9186 from 1.0237 at 0.9081 will pave the way to 138.2% projection at 0.8639. On the upside, break of 0.9376 resistance is needed to be the first sign of medium term bottoming.
