Daily Pivots: (S1) 0.9751; (P) 0.9806; (R1) 0.9840; More….
USD/CHF falls to as low as 0.9785 so far today and intraday bias remains on the upside for 0.9734 support. Break will resume whole correction from 1.0037. Nonetheless, we’d expect strong support from 61.8% retracement of 0.9420 to 0.1.0037 at 0.9656 to contain downside and bring rebound. On the upside, above 0.9839 resistance will turn bias to the upside for retesting 0.9977 resistance.
In the bigger picture, range trading continues between 0.9420/1.0342. At this point, 0.9420 appears to be a strong support level. Therefore, in case of decline attempt, we don’t expect a firm break of this level. Nonetheless, strong break of 1.0342 is also needed to confirm upside momentum. Otherwise, medium term outlook will stay neutral.
