Daily Pivots: (S1) 0.9632; (P) 0.9701; (R1) 0.9738; More….
USD/CHF’s decline from 1.0037 continues today and reaches as low as 0.9627 so far. 61.8% retracement of 0.9420 to 0.1.0037 at 0.9656 is firmly taken out and downside momentum remains strong. Intraday bias remains on the downside and further fall could be seen back to 0.9420 low. On the upside, above 0.9684 minor resistance will turn intraday bias neutral first. But outlook will stay bearish as long as 0.9844 resistance holds.
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.
