Daily Pivots: (S1) 0.9844; (P) 0.9865; (R1) 0.9894; More….
Intraday bias in USD/CHF remains on the upside for the moment. The pull back from 1.0037 should have completed at 0.9734 already. Further rise should be seen back to retest 1.0037. Break will resume whole rise from 0.9420 and target 61.8% projection of 0.9420 to 0.9734 from 1.0047 at 1.0115. On the downside, below 0.9836 minor support will dampen the bullish case and turn bias back to the downside for 0.9374 instead.
In the bigger picture, range trading continues between 0.9420/1.0342. At this point, 0.9420 appears to be a strong support level. Therefore, in case of decline attempt, we don’t expect a firm break of this level. Nonetheless, strong break of 1.0342 is also needed to confirm upside momentum. Otherwise, medium term outlook will stay neutral.
