Daily Pivots: (S1) 0.9647; (P) 0.9662; (R1) 0.9689; More…..
USD/CHF’s decline is still in progress and reaches as low as 0.9599 so far. Intraday bias stays on the downside. Current fall from 1.0067 should target 0.9523 fibonacci level next. On the upside, break of 0.9633 minor resistance will turn intraday bias neutral again. But near term outlook will stay bearish as long as 0.9757 resistance holds.
In the bigger picture, 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 0.9866 support turned resistance will suggests that fall from 1.0067 has completed and rise from 0.9186 is resuming.