Daily Pivots: (S1) 0.9119; (P) 0.9142; (R1) 0.9163; More….

USD/CHF dips mildly today but stays above 0.9121 temporary low. Intraday bias remains neutral first and deeper decline is expected with 0.9194 minor resistance holds. Below 0.9121 will resume the fall from 0.471 for 61.8% retracement of 0.8756 to 0.9471 at 0.9029 next. On the upside, though, break of 0.9194 resistance will indicate short term bottoming. Intraday bias will be turned back to the upside for rebound.

In the bigger picture, rejection by 61.8% retracement of 0.9901 to 0.8756 at 0.9464 argues that rebound from 0.8756 was probably just a corrective move. That is, larger down trend from 1.0237 might be still in progress. We’ll monitor the downside momentum of the decline from 0.9471, to assess the chance of breakthrough 0.8756 low at a later stage.



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