Daily Pivots: (S1) 0.9291; (P) 0.9359; (R1) 0.9395; More…
USD/CHF’s strong break of 0.9284 support should now confirm that corrective rebound from 0.9058 has completed at 0.9439. That came ahead of 38.2% retracement of 1.0146 to 0.9058 at 0.9474. Intraday bias is back on the downside for retesting 0.9058 low. Firm break there will resume larger down trend from 1.0146. On the upside, however, break of 0.9315 minor resistance will mix up the outlook and turn bias neutral 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.
