Daily Pivots: (S1) 0.9679; (P) 0.9701; (R1) 0.9716; More…..
USD/CHF reaches as low as 0.9651 so far today as the decline from 0.9981 accelerates. Intraday bias stays on the downside. Sustained break of 161.8% projection of 1.0067 to 0.9866 from 0.9981 at 0.9656 will target 200% projection at 0.8579 next. On the upside, above 0.9714 minor resistance will turn intraday bias neutral and bring recovery. But outlook will now stay bearish as long as 0.9866 support turned resistance holds. And deeper fall will remain in favor even in case of recovery.
In the bigger picture, current development suggests that rise from 0.9186 low has completed at 1.0067, after failing to sustain above 1.0037 resistance. Fall from 1.0067 could extend to 61.8% retracement of 0.9816 to 1.0067 at 0.9523 and below. But for now, we don’t expect a break of 0.9186 low. On the upside, firm break of 1.0067 will resume the rise to 1.0342 key resistance (2016 high).