Daily Pivots: (S1) 0.9777; (P) 0.9831; (R1) 0.9863; More…
No change in USD/CHF’s outlook and intraday bias remains mildly on the downside. Corrective recovery from 0.9659 could have completed at 0.9929 already. Deeper fail should be seen to 0.9713. Break will likely resume whole fall from 1.0237 through 0.9695. Risk will now stay on the downside as long as 0.9929 holds, in case of recovery.
In the bigger picture, the structure of the fall from 1.0237 suggests that it’s a corrective move. Break of 0.9975 will argue that such correction has completed at 0.9659, ahead of 61.8% retracement of 0.9186 to 1.0237 at 0.9587. But decisive break of 1.0237 is needed to indicate up trend resumption. Otherwise, medium term outlook will stay neutral first. Meanwhile, break of 0.9695 support will extend the correction to 0.9541 support instead.
