Daily Pivots: (S1) 0.9295; (P) 0.9318; (R1) 0.9361; More...
USD/CHF's recovery from 09206 continues today and reaches as high as 0.9359 so far. The break of 0.9352 argues that corrective fall from 0.9566 has already completed at 0.9206. Intraday bias remains on the upside and further rise should be seen back to retest 0.9566. On the downside, though, break of 0.9276 will turn bias back to the downside for 0.9026 and below.
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). Price actions from 0.9971 are expected to develop into a sideway pattern. That is, rise from 0.9021 would have a test on 0.9971 and have another fall before resuming the larger up trend. While it's a bit remote, we'd like to point out the possibility of a head and should top pattern (ls: 0.9594; h: 0.9971; rs: 0.9566) and a break of 0.9021 support will turn medium term outlook bearish.
IMOH, Clement I.
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