Daily Pivots: (S1) 0.9979; (P) 0.9997; (R1) 1.0033; More…
Further decline is mildly in favor in USD/CHF as long as 1.0024 minor resistance holds. Sustained trading below 55 day EMA (now at 0.9969) should confirm completion of rise form 0.9716, after rejection by 1.0128 resistance. In that case, deeper fall would be seen back towards 0.9716 support. On the upside, break of 1.0024 minor resistance will turn bias back to the upside for 1.0098 instead.
In the bigger picture, USD/CHF drew strong support from medium term trend line and rebounded. That suggests rise from 0.9186 is still in progress. Further break of 1.0128 will confirm up trend resumption and target 1.0342 key resistance. Nevertheless, break of 0.9716 will dampen this bullish view and at least bring deeper fall to 0.9541 key support.
