Daily Pivots: (S1) 0.9146; (P) 0.9160; (R1) 0.9181; More…
Further rise is now mildly in favor in USD/CHF. Rise from 0.9030 is seen as the third leg of the pattern from 0.8998. Intraday bias is on the upside for 0.9304 resistance. Break will target 38.2% retracement of 0.9901 to 0.8998 at 0.9343. On the downside, break of 0.9127 minor support will turn bias back to the downside for 0.9030 support instead.
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.
