Daily Pivots: (S1) 0.9775; (P) 0.9791; (R1) 0.9812; More….
Intraday bias in USD/CHF is turned neutral for consolidation below 0.9835 temporary top. With 0.9704 resistance turned support intact, further rise is expected. We’re favoring the whole down trend form 1.0342 has completed after defending 0.9443 key support again. Further rise would be seen to 61.8% retracement of 1.0342 to 0.9420 at 0.9990. However, break of 0.9704 will mix up this bullish outlook and turn bias back to the downside for 0.9587 support instead.
In the bigger picture, current development suggests that USD/CHF has defended 0.9443 (2016 low) key support level again. Rise from 0.9420 could develop into a medium term move and target a test on 1.0342 high. This represents the upper end of a long term range that started back in 2015. On the downside, break of 0.9587 support is now needed to indicate completion of the rise from 0.9420. Otherwise, further rally will remain in favor in medium term.
