Daily Pivots: (S1) 0.9899; (P) 0.9925; (R1) 0.9942; More…
USD/CHF is staying neutral as it’s bounded in tight range of 0.9900/9957. With 0.9957 minor resistance intact, deeper decline remains mildly in favor. On the downside, break of 0.9900 will target 0.9856 support. Break there will pave the way to key support level at 0.9787. On the upside, above 0.9957 minor resistance will turn bias back to the upside for retesting 1.0067.
In the bigger picture, as long as 0.9787 support holds, we’re still favoring the bullish case. That is, rise fro 0.9787 is resuming the whole up trend from 0.9186 and should target 1.0342 key resistance on resumption. However, break of 0.9787 will indicate medium term reversal and turn outlook bearish.
