Daily Pivots: (S1) 0.9669; (P) 0.9679; (R1) 0.9698; More…
USD/CHF rebounds further today but stays below 0.9762 resistance. Intraday bias remains neutral and larger down trend is still expected to resume later. On the downside, below 0.9661 will turn bias to the downside for retesting 0.9613 low first. Break will target 100% projection of 1.0237 to 0.9659 from 1.0023 at 0.9445. However, considering bullish convergence condition in 4 hour MACD, break of 0.9762 will indicate near term reversal and turn outlook bullish for stronger rebound to 55 day EMA (now at 0.9792).
In the bigger picture, medium term outlook remains neutral as USD/CHF is staying sideway trading started from 1.0342 (2016 high). Fall from 1.0237 is a leg inside the pattern and could target 0.9186 (2018 low). In case of another rise, break of 1.0237 is needed to indicate up trend resumption. Otherwise, more sideway trading would be seen with risk of another fall.
