Daily Pivots: (S1) 1.0557; (P) 1.0649; (R1) 1.0758; More

USD/CHF's rebound from 1.0366 extends further to as high as 1.0766 but is still limited below 1.0837 resistance. Outlook remains unchanged and another fall is still expected. Below 1.0537 will flip intraday bias back to the downside for retesting 1.0366 first. Break there will indicate recent decline from 1.2248 has resumed for next target of 1.0010 (61.8% projection of 1.2248 to 1.0410 from 1.1135 at 0.9999) which is close to 1.0000 psychological support. However, above 1.0827 will dampen the immediate bearish case and put focus back to 1.1135 resistance.

In the bigger picture, the depth and steepness of the decline from 1.2296 indicates that medium term rise from 0.9634 has topped out. Prior break of 1.0623/51 cluster support (61.8% retracement of 0.9634 to 1.2296 at 1.0651) suggests that USD/CHF is developing another long term down trend that should target 1.0010 first and then this year's low of 0.9634. On the upside, break of 1.1135 is needed to indicate fall from 1.2296 has completed. Otherwise, medium term outlook remains bearish in case of recovery.