Daily Pivots: (S1) 0.9230; (P) 0.9255; (R1) 0.9294; More…
USD/CHF’s rally is still in progress and intraday bias stays on the upside for the moment. Rebound from 0.8998 should target 38.2% retracement of 0.9901 to 0.8998 at 0.9343. Sustained break there will pave the way to 61.8% retracement at 0.9556. On the downside, break of 0.9215 minor support will turn intraday bias neutral and bring some consolidations first.
In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low). There is no clear sign of completion yet and on resumption, next target will be 138.2% projection of 1.0342 to 0.9186 from 1.0237 at 0.8639. Nevertheless, strong break of 0.9376 support turned resistance will be an early sign of trend reversal and turn focus back to 0.9901 key resistance.
