Daily Pivots: (S1) 1.1861; (P) 1.1926; (R1) 1.2013

USD/CHF edges higher to 1.2006 today and continues to press last week’s high of 1.2000. At this point, intraday bias remains on the upside as long as 1.1825 minor support holds and further rise is still expected to next target of 100% projection of 1.0693 to 1.1746 from 1.1208 at 1.2261. On the downside,below 1.1825 will flip intraday bias to the downside and argue that a short term top is possibly in place with bearish divergence condition in 4 hours MACD.

In the bigger picture, medium term rise from 0.9634 is still in progress and has taken out 1.1878 (61.8% retracement of 1.3283 to 0.9634 at 1.1889). Sustained trading above there will encourage further medium term rally to test 1.3283 high. On the downside, break of 1.1208 support is needed to indicate that such medium term rally has completed. Otherwise, medium term outlook will remain bullish even in case of deep pull back.