Daily Pivots: (S1) 0.9942; (P) 0.9980; (R1) 1.0003; More…..
USD/CHF drops further to as low as 0.9879 so far. Intraday bias remains on down the downside for 0.9858 support first. Break there extend the corrective fall from 1.0342 through 0.9812 low. On the upside, above 0.9956 minor resistance will turn intraday bias neutral first.
In the bigger picture, we’re still maintaining that firm break of 1.0342 key resistance is needed to confirm underlying bullish momentum in the pair. However, the corrective nature of the fall from 1.0342 is starting to give the medium term outlook a bullish favor. Hence, instead of looking for topping signal around 1.0342, we’d now pay closer attention to upside acceleration as USD/CHF approaches this level again.
