Daily Pivots: (S1) 0.9484; (P) 0.9516; (R1) 0.9546; More…
USD/CHF lost some momentum after hitting 0.9550. But still intraday bias stays on the upside. The rebound from 0.9186 is in progress for 0.9626 fibonacci level. Firm break there will carry larger bullish implications. On the downside, break of 0.9423 is needed to indicate completion of the rebound. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, fall from 1.0342 is seen as a medium term down trend. Current development is raising the chance that it is completed. But there is no confirmation yet. Focus will now be back on 38.2% retracement of 1.0342 (2016 high) to 0.9186 (2018 low) at 0.9626. Sustained break there will add much credence to the case of trend reversal and target 61.8% retracement at 0.9900 and above. However, rejection from 0.9626 will maintain medium term bearishness for another low below 0.9186.
