Daily Pivots: (S1) 0.9914; (P) 0.9940; (R1) 0.9956; More…
USD/CHF’s break of 0.9911 minor support dampens our original bullish view. Consolidation from 1.0027 is extending with another falling leg. Intraday bias is back on the downside for 0.9851 support, and possibly below. On the upside, break of 0.9978 will target 1.0027 first. Break will resume whole rally from 0.9659.
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.
