Daily Pivots: (S1) 0.9593; (P) 0.9625; (R1) 0.9657; More…
USD/CHF’s decline from 1.0342 resumed by taking out 0.9551 and reaches as low as 0.9528 so far. Intraday bias stays on the downside for 0.9443 key support level next. At this point, we’d expect strong support from there to bring rebound. Nonetheless, break of 0.9699 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.
In the bigger picture, USD/CHF is still bounded in medium term range of 0.9443/1.0342 for the moment. Consolidative trading would likely continue and medium term outlook remains neutral. Break of 1.0342 key resistance is needed to confirm underlying bullish momentum in the pair. Meanwhile, downside attempts should be contained by 0.9443 key support level. However, sustained break of 0.9443 will carry larger bearish implication and target 0.9 handle.
