Daily Pivots: (S1) 0.9083; (P) 0.9106; (R1) 0.9126; More…
USD/CHF is still staying below 0.9165 resistance despite current rebound. Intraday bias remains neutral first. On the upside, firm break of 0.9165 resistance will suggest that consolidation pattern from 0.8998 is extending with another rising leg. Intraday bias will be turned back to the upside for 0.9304 resistance. On the downside, break of 0.9030 will bring retest of 0.8998 low.
In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 high). There is no clear sign of completion yet. 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 0.9304 resistance will be an early sign of trend reversal and turn focus back to 0.9901 key resistance for confirmation.
