Daily Pivots: (S1) 0.9435; (P) 0.9451; (R1) 0.9473; More

USD/CHF’s sharp fall today dampens our bullish view of bottoming at 0.9362. But as it’s staying in range, intraday bias remains neutral first. On the downside, break of 0.9362 will resume the fall from 0.9901 to 100% projection of 0.9901 to 0.9502 from 0.9736 at 0.9337. On the upside, break of 0.9532 resistance will confirm short term bottoming and bring stronger rise.

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In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low). It could have completed at 0.9181 after hitting 0.9186 key support (2018 low). Break of 0.9901 will extend the rebound from 0.9181 through 1.0023 resistance. After all, medium term range trading will likely continue between 0.9181/1.0237 for some more time.



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