Daily Pivots: (S1) 0.9014; (P) 0.9022; (R1) 0.9030; More....
Intraday bias in USD/CHF remains on the upside for 0.9036 resistance. Break there will confirm resumption of whole rise from 0.8702 and should target 0.9156 key resistance next. On the downside, below 0.8970 minor support will suggest that the consolidation from 0.9036 is still in progress and will turn bias back to the downside for 0.8897 support.
In the bigger picture, price actions from 0.9971 are still viewed as a correction pattern. Decline from 0.9838 is seen as the third leg. As long as 0.9156 resistance holds, deeper fall would still be seen to 50% retracement of 0.7065 to 0.9971 at 0.8518 and below. We'd start to look for reversal signal below 0.8518 again. Meanwhile, note that medium term downside momentum has been diminishing as seen in weekly MACD. Break of 0.9156 will argue that such correction pattern is completed and will turn outlook bullish for a test on 0.9971.
Intraday bias in USD/CHF remains on the upside for 0.9036 resistance. Break there will confirm resumption of whole rise from 0.8702 and should target 0.9156 key resistance next. On the downside, below 0.8970 minor support will suggest that the consolidation from 0.9036 is still in progress and will turn bias back to the downside for 0.8897 support.
In the bigger picture, price actions from 0.9971 are still viewed as a correction pattern. Decline from 0.9838 is seen as the third leg. As long as 0.9156 resistance holds, deeper fall would still be seen to 50% retracement of 0.7065 to 0.9971 at 0.8518 and below. We'd start to look for reversal signal below 0.8518 again. Meanwhile, note that medium term downside momentum has been diminishing as seen in weekly MACD. Break of 0.9156 will argue that such correction pattern is completed and will turn outlook bullish for a test on 0.9971.
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