Daily Pivots: (S1) 0.9093; (P) 0.9126; (R1) 0.9181; More….

USD/CHF rises to as high as 0.9192 so far today. Break of 100% projection of 0.8756 to 0.9044 from 0.8869 at 0.9157 suggests some upside acceleration. Firm break of 0.9181 support turned resistance will target 161.8% projection at 0.9335 next. On the downside, break of 0.9093 resistance turned support is needed to indicate short term topping. Otherwise, further rally will remain in favor in case of retreat.

In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 high). There is no clear sign of completion yet. Next target will be 138.2% projection of 1.0342 to 0.9186 from 1.0237 at 0.8639. In any case, break of 0.9295 resistance is needed to signal medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.

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