Daily Pivots: (S1) 0.9942; (P) 0.9980; (R1) 1.0003; More…..
USD/CHF’s decline continues today and reaches as low as 0.9824 so far. The break of 0.9858 support now argues that whole corrective fall from 1.0342 is resuming. Intraday bias stays on the downside for 0.9812 first. Break would target lower trend line support (now at 0.9762) and below. At this point, such decline from 1.0342 is still seen as a correction. Therefore, we’d expect strong support above 100% projection of 1.0342 to 0.9860 from 1.0099 at 0.9617 to contain downside. On the upside, above 0.9886 minor resistance will turn bias neutral and bring recovery before staging another fall.
In the bigger picture, USD/CHF is bounded in medium term range of 0.9443/1.0342 for the moment. Consolidative trading would likely continue and medium term outlook remains neutral. Break of 1.0342 key resistance is needed to confirm underlying bullish momentum in the pair. Meanwhile, downside attempts should be contained by 0.9443 key support level.
