Daily Pivots: (S1) 0.9555; (P) 0.9576; (R1) 0.9596; More…
USD/CHF rebounds strongly today and focus is back on 0.9648 resistance. Break there will firstly resume whole rebound from 0.9186. Secondly, sustained trading above 0.9626 key fibonacci resistance will will be another evidence of larger reversal. In that case, further rally should be seen back to next fibonacci level at 0.9900. On the downside, though, break of 0.9533 minor support should be another indication of rejection by 0.9626. Further break of 0.9432 will turn near term outlook bearish for retesting 0.9186 low.
In the bigger picture, fall from 1.0342 is seen as a medium term down trend. Main focus is on 38.2% retracement of 1.0342 (2016 high) to 0.9186 (2018 low) at 0.9626. Sustained break there will add 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.
