Daily Pivots: (S1) 0.9644; (P) 0.9702; (R1) 0.9735; More…..
Intraday bias in USD/CHF remains on the downside as fall from 1.0099 has just resumed. Current decline is part of the whole fall from 1.0342 and should target 100% projection of 1.0342 to 0.9860 from 1.0099 at 0.9617. We’ll start to look for reversal signal below there. But in any case, break of 0.9807 resistance is needed to indicate short term bottoming. Otherwise, near term outlook will remain bearish in case of recovery.
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.
