Daily Pivots: (S1) 0.9592; (P) 0.9638; (R1) 0.9674; More….
A temporary low is in place at 0.9602 and intraday bias in USD/CHF is turned neutral first. Near term outlook will stay bearish as long as 0.9844 resistance holds. Below 0.9602 will extend the decline from 1.0037 to retest 0.9420 low.
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.
