Daily Pivots: (S1) 0.9745; (P) 0.9764; (R1) 0.9791; More….
USD/CHF’s strong break of 4 hour 55 EMA argues that correction from 1.0037 has completed with three waves down to 0.9698. Intraday bias is back on the upside for 0.9977 resistance first. Break there will likely resume whole rise from 0.9420 through 1.0037 high. For now this will be the favored case as long as 0.9698 support holds.
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.
