Daily Pivots: (S1) 0.9938; (P) 0.9959; (R1) 0.9993; More…
USD/CHF’s break of 0.9978 resistance suggests that consolidation pattern from 1.0027 has completed at 0.9868. Intraday bias is now on the upside for retesting 1.0027 first. Break will resume whole rise from 0.9659 to 78.6% retracement of 1.0237 to 0.9659 at 1.0113. On the downside, however, break of 0.9949 minor support will turn bias to the downside to extend the consolidation with another falling leg.
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.
