Daily Pivots: (S1) 0.9874; (P) 0.9909; (R1) 0.9931; More…
Intraday bias in USD/CHF remains on on the downside at this point, for 0.9841 support. Firm break there will complete a head and shoulder top pattern (ls: 0.9983; h: 1.0027; rs: 0.9970). That should confirm completion of rise from 0.9659 and turn outlook bearish for retest this low. On the upside, above 0.9970 will bring retest of 1.0027 resistance first.
In the bigger picture, corrective fall from 1.0237 should have completed at 0.9659 already, 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.
