Daily Pivots: (S1) 0.9813; (P) 0.9844; (R1) 0.9880; More…
A temporary low is formed at 0.9808 and intraday bias in USD/CHF is turned neutral first. Further decline is expected as long as 0.9917 resistance holds. Rebound from 0.9659 should have completed already. Below 0.9808 will target a test on 0.9659 low. On the upside, break of 0.9917 will dampen this bearish view and turn bias back to the upside for 1.0023 resistance instead.
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.
