Daily Pivots: (S1) 0.9286; (P) 0.9330; (R1) 0.9353; More…
USD/CHF recovered notably after brief breach of 0.9289 resistance turned support, and intraday bias is turned neutral first. The favored case is still that corrective rebound from 0.9058 has completed at 0.9439, ahead of 38.2% retracement of 1.0146 to 0.9058 at 0.9474. Sustained break of 0.9289 resistance turned support will pave the way to retest 0.9058 low. However, break of 0.9358 minor resistance will revive near term bullishness and turn bias back to the upside for 0.9439 again.
In the bigger picture, decline from 1.0146 is seen as part of a long term sideway pattern. As long as 38.2% retracement of 1.0146 to 0.9058 at 0.9474 holds, another fall is in favor through 0.9058. However, sustained trading above 0.9474 will indicate that the medium term trend has reversed, and open up further rally to 61.8% retracement at 0.9730 and above.
