Daily Pivots: (S1) 0.9858; (P) 0.9897; (R1) 0.9962; More…..
USD/CHF’s rebound from 0.9812 extends higher today. The break of 0.9959 resistance indicates short term bottoming at 0.9812 on bullish convergence condition in 4 hour MACD. Intraday bias is turned back to the upside for 55 day EMA (now at 1.0025). Sustained trading above there will argue that whole decline from 1.0342 has completed. Further rise should then be seen to 1.0169 resistance for confirmation. On the downside, below 0.9912 minor support will turn bias back to the downside for 0.9812 instead.
In the bigger picture, USD/CHF is staying in medium term sideway pattern between 0.9443/1.0342. In any case, decisive break of 1.0342 resistance is needed to confirm underlying strength. Otherwise, we’ll stay neutral in the pair first. In case of deeper fall, we’d expect strong support from 0.9443/9548 support zone.
