Daily Pivots: (S1) 0.9818; (P) 0.9846; (R1) 0.9888; More…
Intraday in USD/CHF is turned neutral with current recovery. Outlook is unchanged that the corrective rise from 0.9659 could have completed at 0.9929 already. Below 0.9798 will turn bias to the downside for 0.9713 first. Break will likely resume whole fall from 1.0237 through 0.9695. However, break of 0.9929 will resume the rise to 0.9975 resistance next.
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.
