Daily Pivots: (S1) 0.9965; (P) 0.9978; (R1) 0.9998; More…..
USD/CHF lost some downside momentum with 4 hour MACD crossed above signal line. But with 1.0059 minor resistance intact, deeper fall is expected. We’d holding on to the view that recovery from 0.9860 has completed at 1.0169 and whole decline from 1.0342 is resuming. Break of 0.9860 will target 100% projection of 1.0342 to 0.9860 from 1.0169 at 0.9687. Nonetheless, on the upside, break of 1.0059 will turn bias back to the upside for 1.0169 resistance instead.
In the bigger picture, USD/CHF is staying in medium term sideway pattern between 0.9443/1.0342. In any case, decisive break of 1.0342 resistance is needed to confirm underlying strength. Otherwise, we’ll stay neutral in the pair first. In case of another fall, we’d expect strong support from 0.9443/9548 support zone.
