Daily Pivots: (S1) 0.9598; (P) 0.9651; (R1) 0.9686; More….
Failure to sustain above 0.9679 and break of 0.9582 minor support maintains bearish in USD/CHF. Intraday bias is turned back to the downside for 0.9420 support first. Break there will resume whole decline from 1.0342. However, break of 0.9704 will turn focus to 0.9772 resistance. Break there will confirm near term reversal.
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.
