Daily Pivots: (S1) 1.2421; (P) 1.2460; (R1) 1.2485; More….

Intraday bias in USD/CD remains on the downside at point as down trend form 1.4667 is resuming. Further fall should be seen to 61.8% projection of 1.3389 to 1.2588 from 1.2880 at 1.2385. Break will target 100% projection at 1.2079. On the upside, above 1.2519 minor resistance will turn intraday bias neutral first. But break of 1.2742 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, fall from 1.4667 is seen as the third leg of the corrective pattern from 1.4689 (2016 high). Further decline should be seen back to 1.2061 (2017 low). In any case, break of 1.2994 support turned resistance resistance is needed to indicate medium term bottoming. Otherwise, outlook will remain bearish in case of strong rebound.



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