Daily Pivots: (S1) 0.9764; (P) 0.9774; (R1) 0.9785; More…
USD/CHF’s rebound from 0.9613 short term bottom is still in progress. Intraday bias remains on the upside for 38.2% retracement of 1.0237 to 0.9613 at 0.9851. Reactions from there would unveil whether it’s just a corrective move, or reversing near term trend. On the downside, however, break of 0.9740 minor support will bring retest of 0.9613 low instead.
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.
