Daily pivots: (S1) 0.9225; (P) 0.9261; (R1) 0.9280; More…
USD / CHF’s pullback from 0.9304 continues lower today, but remains above 0.9200 resistance turned to support. The intraday bias remains neutral and another rise is still in favor. On the upside, the breakout of 0.9304 will extend the rebound from 0.8998 to 38.2% retracement from 0.9901 to 0.8998 to 0.9343. However, a sustained breakout of 0.9200 will argue that the rebound is over and bring the bias downward for a retest of 0.8998.
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Overall, the decline from 1.0237 is seen as the third step in the trend from 1.0342 (2016 high). There is no clear sign of completion yet. On the recovery, the next target will be a projection of 138.2% from 1.0342 to 0.9186 from 1.0237 to 0.8639. Nonetheless, a strong break out of the support at 0.9376 turned resistance will be an early sign of a trend reversal and will bring attention back to the key resistance at 0.9901 for confirmation.