Daily Pivots: (S1) 0.9802; (P) 0.9838; (R1) 0.9876; More…
USD/CHF’s fall from 1.0146 accelerates lower today and intraday bias stays on the downside. Next target is 61.8% retracement of 0.9369 to 1.0146 at 0.9666. Sustained break there will raise the chance of larger reversal. On the upside, above 0.9897 minor resistance will turn intraday bias neutral first.
In the bigger picture, a medium term top should be in place at 1.0146 on bearish divergence condition in daily MACD. Fall from 1.0146 support is currently seen as a correction to rise from 0.9369 only. That is, another rise could still be seen through 1.0146. However, sustained break of 61.8% retracement of 0.9369 to 1.0146 at 0.9666 will raise the chance of larger reversal, and target 55 week EMA (now at 0.9578).
