Daily Pivots: (S1) 0.9202; (P) 0.9235; (R1) 0.9300; More...
Intraday bias in USD/CHF remains on the upside and current rebound form 0.9077 could extend towards 61.8% retracement of 0.9512 to 0.9077 at 0.9346. At this point, we're viewing such rebound as a correction only and thus, expect strong resistance below 0.9382 to limit upside and bring another fall. Below 0.9199 minor support will turn bias back to the downside for retesting 0.9077 support. Though, note that break of 0.9382 will dampen our bearish view and will turn focus back to 0.9512 key resistance.
In the bigger picture, medium term rebound from 0.7065 is viewed as a corrective move and should have completed after hitting 0.9916 resistance (61.8% retracement of 1.1730 to 0.7065 at 0.9948). Deeper decline is expected to 38.2% retracement of 0.7065 to 0.9971 at 0.8861. We'll hold on to this bearish view as long as 0.9512 resistance holds.
IMOH, Clement I
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