Daily Pivots: (S1) 0.9821; (P) 0.9874; (R1) 0.9908; More….
As long as 0.9895 minor resistance holds, intraday bias in USD/CHF remains on the downside for deeper fall. Decline from 0.9977 is part of the correction pattern from 1.0037. It could target 0.9734 support and below. But we’d We’d expect strong support from 61.8% retracement of 0.9420 to 0.1.0037 at 0.9656 to contain downside and bring rebound. On the upside, above 0.9895 minor resistance will turn bias back to the upside for 0.9977 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.
