Daily Pivots: (S1) 0.9598; (P) 0.9651; (R1) 0.9686; More….
At this points, USD/CHF still cannot sustain above 0.9679 resistance. Intraday bias remains neutral first. Firm break of 0.9679 will indicate near term reversal and turn bias to the upside for 0.9772 resistance for confirmation. However, below 0.9582 minor support will maintain bearishness and turn bias to the downside for 0.9420 low first. Sustained break of 0.9420 will resume whole decline from 1.0342.
In the bigger picture, current development suggests that 0.9443 key support (2016 low) could be taken out firmly as down trend form 1.0342 extends. There are various interpretation of the price actions. But in any case, medium term outlook will stay bearish as long as 0.9772 resistance holds. Current down trend could extend to 38.2% retracement of 0.7065 (2011 low) to 1.0342 (2016 high) at 0.9090. However, break of 0.9772 will indicate that USD/CHF has successfully defended 0.9443 again and turn outlook bullish for 1.0099 resistance.
