Daily Pivots: (S1) 0.9049; (P) 0.9079; (R1) 0.9117;
USD/CHF lost momentum after hitting 0.9110 and intraday bias is turned neutral first. Above 0.9110 will revive the case that pull back from 0..9249 has completed at 0.9018 already. In such case, intraday bias is turned back to the upside. Further break of 0.9191 resistance will strongly suggest that rise from 0.8889 is resuming for another high above 0.9249. On the downside, in case of another fall, we'd continue to expect strong support ahead of 0.8889 to bring rebound.
In the bigger picture, price action from 0.9971 is viewed as a medium term consolidation pattern. In case of another fall, we'd expect strong support from 38.2% retracement of 0.7065 to 0.9971 at 0.8861 to contain downside to complete the pattern. Sustained trading above 55 EMA (now at 0.9270) will bring retest of 0.9971.
USD/CHF lost momentum after hitting 0.9110 and intraday bias is turned neutral first. Above 0.9110 will revive the case that pull back from 0..9249 has completed at 0.9018 already. In such case, intraday bias is turned back to the upside. Further break of 0.9191 resistance will strongly suggest that rise from 0.8889 is resuming for another high above 0.9249. On the downside, in case of another fall, we'd continue to expect strong support ahead of 0.8889 to bring rebound.
In the bigger picture, price action from 0.9971 is viewed as a medium term consolidation pattern. In case of another fall, we'd expect strong support from 38.2% retracement of 0.7065 to 0.9971 at 0.8861 to contain downside to complete the pattern. Sustained trading above 55 EMA (now at 0.9270) will bring retest of 0.9971.
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