Daily Pivots: (S1) 0.9167; (P) 0.9206; (R1) 0.9249; More

Current development argues that USD/CHF’s corrective rebound from 0.8998 has completed with three waves up to 0.9304. Intraday bias is turned back to the downside for retesting 0.8998 low. On the upside, break of 0.9244 will likely resume the rebound through 0.9304, to 38.2% retracement of 0.9901 to 0.8998 at 0.9343.

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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 high). There is no clear sign of completion yet. On resumption, next target will be 138.2% projection of 1.0342 to 0.9186 from 1.0237 at 0.8639. Nevertheless, strong break of 0.9376 support turned resistance will be an early sign of trend reversal and turn focus back to 0.9901 key resistance for confirmation.

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