Daily Pivots: (S1) 0.9694; (P) 0.9721; (R1) 0.9744; More….
Intraday bias in USD/CHF remains on the downside as correction from 1.0037 could extend lower. At this point, 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 0.9774 minor resistance will turn intraday bias neutral first. But break of 0.9977 is needed to confirm completion of the correction. Otherwise, risk will stay on the downside in near term.
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.
