Daily Pivots: (S1) 0.9687; (P) 0.9764; (R1) 0.9812; More…..
No change in USD/CHF’s outlook as intraday bias remains on the downside for 0.9695 low. Break will resume the fall from 1.0237 to 0.9587 fibonacci level next. On the upside, above 0.9840 minor resistance will turn intraday bias neutral again. But further decline is expected as long as 0.9975 resistance holds.
In the bigger picture, up trend from 0.9186 (2018 low) should have completed at 1.0237 already. Deeper decline would be seen to 61.8% retracement of 0.9186 to 1.0237 at 0.9587 and below. For now, USD/CHF is seen as in long term range pattern between 0.9186 and 1.0342. Hence, we’d pay attention to bottoming signal below 0.9587. However, sustained break of 1.0014 will revive medium term bullishness and turn focus back to 1.0237 high.
