Daily Pivots: (S1) 0.9980; (P) 1.0002; (R1) 1.0023; More…
Intraday bias in USD/CHF remains mildly on the downside at this point. Consolidation from 1.0227 is in it’s third down leg. Deeper fall could be seen to 0.9868 support, and possibly below. On the upside, though, decisive break of 1.0027 will confirm resumption of larger 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.
