Daily Pivots: (S1) 0.9346; (P) 0.9422; (R1) 0.9466; More...
Intraday bias in USD/CHF remains on the downside for the moment. Fall fro 0.9751 is viewed as part of the sideway pattern from 0.9971 and would target 0.9130 support. But strong support is expected above there to complete the leg and bring rebound. Meanwhile, above 0.9534 will turn bias back to the upside for 0.9751 resistance instead.
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 developing into a sideway pattern. In case of deeper fall, we'd expect strong support from 38.2% retracement of 0.7065 to 0.9971 at 0.8861 to contain downside and bring rebound. Break of 0.9971 will resume whole up trend form 0.7065 and target 1.1730 resistance next.
IMOH, Clement I.
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