Daily Pivots: (S1) 0.9840; (P) 0.9867; (R1) 0.9919; More…
USD/CHF’s rally extends to as high as 0.9895 so far and intraday bias remains on the upside. Break of 0.9900 medium term fibonacci level will target 1.0037 resistance next. On the downside, below 0.9815 minor support will turn bias neutral and bring consolidations. But downside of retreat should be contained above 0.9648 resistance turned support to bring another rise.
In the bigger picture, fall from 1.0342 is seen as a medium term down trend. The break of 38.2% retracement of 1.0342 (2016 high) to 0.9186 (2018 low) at 0.9626 suggests that it’s likely completed at 0.9186 already. Further rally would be seen back to 61.8% retracement at 0.9900 and above. Sustained break there would pave the way to retest 1.0342 key resistance next. This will now be the preferred case as long as 0.9576 support holds.
