Daily Pivots: (S1) 0.9743; (P) 0.9766; (R1) 0.9781; More…
Intraday bias in USD/CHF is turned neutral with a temporary top formed at 0.9788. Further rise is expected as long as 0.9740 minor support holds. Above 0.9788 will target 38.2% retracement of 1.0237 to 0.9613 at 0.9851. Reactions from there would unveil whether it’s just a corrective move, or reversing near term trend. On the downside, however, break of 0.9740 minor support will bring retest of 0.9613 low instead.
In the bigger picture, medium term outlook remains neutral as USD/CHF is staying sideway trading started from 1.0342 (2016 high). Fall from 1.0237 is a leg inside the pattern and could target 0.9186 (2018 low). In case of another rise, break of 1.0237 is needed to indicate up trend resumption. Otherwise, more sideway trading would be seen with risk of another fall.
