Daily Pivots: (S1) 0.9916; (P) 0.9943; (R1) 0.9992; More…
With 0.9919 minor support intact, intraday bias in USD/CHF remains on the upside. Current rally from 0.9186 would target 1.0037 resistance. Decisive break there will pave the way to key resistance level at 1.0342. On the downside, below 0.9919 minor support will turn intraday bias neutral again and bring consolidation, before staging another rise.
In the bigger picture, medium term decline from 1.0342 has completed with three waves down to 0.9186. Rise from there is currently viewed as a leg inside the long term range pattern. Hence, while further rally would be seen, we’d be cautious on strong resistance from 1.0342 to limit upside. For now, further rise is expected as long as 0.9648 resistance turned support holds, even in case of pull back.
