Daily Pivots: (S1) 1.0043; (P) 1.0069; (R1) 1.0117; More…..
USD/CHF’s rise from 0.9812 continues today and intraday bias remains on the upside. Correction from 1.0342 has completed with three waves down to 0.9812. Further rise should be seen to 1.0169 resistance next. Decisive break there will confirm this bullish case and target 1.0342 key resistance next. On the downside, below 1.0023 minor support will turn bias neutral and bring consolidations before staging another rally.
In the bigger picture, we’re still maintain that firm break of 1.0342 key resistance is needed to confirm underlying bullish momentum in the cross. However, the corrective nature of the fall from 1.0342 to 0.9812 is starting to give the medium term outlook a bullish favor. Hence, in stead of looking for topping signal around 1.0342, we’d now pay closer attention to upside acceleration as USD/CHF approaches this level again.