Daily Pivots: (S1) 0.9942; (P) 0.9980; (R1) 1.0003; More…..
USD/CHF’s fall reaches as low as 0.9773 so far and there is no sign of bottoming yet. Intraday bias remains on the downside. Based on current momentum, USD/CHF would be targeting 100% projection of 1.0342 to 0.9860 from 1.0099 at 0.9617. On the upside, above 0.9849 minor resistance will turn bias neutral and bring consolidation before staging another decline.
In the bigger picture, USD/CHF is bounded in medium term range of 0.9443/1.0342 for the moment. Consolidative trading would likely continue and medium term outlook remains neutral. Break of 1.0342 key resistance is needed to confirm underlying bullish momentum in the pair. Meanwhile, downside attempts should be contained by 0.9443 key support level.
