Daily Pivots: (S1) 0.9763; (P) 0.9793; (R1) 0.9828; More…..
With 4 hour MACD crossed above signal line, a temporary lot is in place at 0.9758. Intraday bias in USD/CHF is turned neutral first. Some consolidation would be seen but upside of recovery would be limited by 4 hour 55 EMA (now at 0.9907) to bring another fall. Break of 0.9758 will extend the whole fall from 1.0342 towards 100% projection of 1.0342 to 0.9860 from 1.0099 at 0.9617.
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.
