Daily Pivots: (S1) 0.9980; (P) 1.0002; (R1) 1.0023; More…
USD/CHF’s fall form 1.0023 extends lower today and intraday bias remains on the downside for 0.9868 support and below. Such decline is seen as part of the consolidation from 1.0027. Downside should be contained by 0.9841 support to bring rise resumption. On the upside, above 0.9926 minor resistance will turn bias back to the upside for 1.0027 first. However, sustained break of 0.9841 will indicate near term reversal and pave the way back to 0.9659 support.
In the bigger picture, medium term outlook remains neutral as USD/CHF is staying in range of 0.9659/1.0237. In any case, decisive break of 1.0237 is needed to indicate up trend resumption. Otherwise, more sideway trading would be seen with risk of another fall. Meanwhile, break of 0.9695 support will target 0.9541 support instead.
