Daily Pivots: (S1) 0.9938; (P) 0.9959; (R1) 0.9993; More…
Focus remains on 0.9978 resistance in USD/CHF. Firm break there will suggest that consolidation pattern from 1.0027 has completed at 0.9868. Further rise should then be seen to retest 1.0027 first. Break will resume whole rise from 0.9659 to 78.6% retracement of 1.0237 to 0.9659 at 1.0113. For now, near term outlook will remain cautiously bullish as long as 0.9868 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.
