Daily Pivots: (S1) 0.9914; (P) 0.9945; (R1) 0.9978; More…
USD/CHF’s breach of 0.9970 resistance suggests that consolidation pattern from 1.0027 could have completed at 0.9851. Intraday bias is now on the upside for retesting 1.0027 first. Break will resume whole rise from 0.9659. On the downside, though, below 0.9911 minor support will turn intraday bias neutral again. But further rally is in favor as long as 0.9851 support holds.
In the bigger picture, medium term outlook remains neutral as USD/CHF is staying in range of 0.9659/1.0237. In any case, decisive break of 1.0237 is needed to indicate up trend resumption. Otherwise, more sideway trading would be seen with risk of another fall. Meanwhile, break of 0.9695 support will target 0.9541 support instead.
