Daily Pivots: (S1) 1.0002; (P) 1.0019; (R1) 1.0032; More…..
USD/CHF lost some upside momentum after hitting 110.36 as seen in 4 hour MACD. But still, further rally is in favor with 0.9948 minor support intact. As noted before, corrective decline fall from 1.0342 should have finished with three waves down to 0.9812 already. Sustained trading above 55 day EMA (now at 1.0023) will affirm this bullish case. Break of 1.0169 resistance will confirm and target a test on 1.0342 high. On the downside, however, below 0.9948 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 another fall, we’d expect strong support from 0.9443/9548 support zone.