Daily Pivots: (S1) 1.0028; (P) 1.0047; (R1) 1.0069; More…..
USD/CHF’s rally from 0.9812 is still in progress with 1.0007 minor support intact and further rise should be seen. We mentioned before that corrective decline fall from 1.0342 should have finished with three waves down to 0.9812 already. Rise from 0.9812 is expected to taken 1.0169 resistance next. Break of 1.0169 should confirm this bullish case and target a test on 1.0342 high. On the downside, below 1.0007 will bring deeper correction, possibly back to 0.9812 low.
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.