Daily Pivots: (S1) 0.9690; (P) 0.9714; (R1) 0.9748; More…..
No change in USD/CHF’s outlook as the consolidation pattern from 0.9613 is still extending. Intraday bias stays neutral and another rise cannot be ruled out. But after all, near term outlook remains bearish as long as 0.9807 resistance holds. Break of 0.9613 will resume the decline from 1.0342 and target 0.9548 support and below. We’d start to look for bottoming signal again as it approaches 0.9443 key support level. On the upside, firm break of 0.9807 will indicate near term reversal and turn outlook bullish for 1.0099 resistance next.
In the bigger picture, USD/CHF is still bounded in medium term range of 0.9443/1.0342 for the moment. Consolidative trading would likely continue and medium term outlook remains neutral. Break of 1.0342 key resistance is needed to confirm underlying bullish momentum in the pair. Meanwhile, downside attempts should be contained by 0.9443 key support level. However, sustained break of 0.9443 will carry larger bearish implication and target 0.9 handle.
