Daily Pivots: (S1) 0.9464; (P) 0.9541; (R1) 0.9590; More…
USD/CHF’s decline resumed after brief consolidation and intraday bias is turned back to the downside. Current fall from 1.0342 should target target 0.9443 key support level next. At this point, we’d expect strong support from there to bring rebound. On the upside, break of 0.9699 resistance is needed to confirm short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
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.
