Daily Pivots: (S1) 0.9542; (P) 0.9571; (R1) 0.9586; More…..
A temporary low is in place at 0.9551 with 4 hour MACD crossed above signal line. Intraday bias is turned neutral for consolidation. Upside of recovery should be limited below 0.9770 resistance and bring another decline. Below 0.9551 will target 0.9548 support and below. We’d start to look for bottoming signal again as it approaches 0.9443 key support level.
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.
