Daily Pivots: (S1) 0.9800; (P) 0.9810; (R1) 0.9824; More…
USD/CHF’s break of 0.9770 suggests resumption of fall from 1.0023. Intraday bias is back on the downside for 0.9659 low. On the upside, break of 0.9832 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.
In the bigger picture, medium term outlook remains neutral as USD/CHF is staying in range of 0.9659/1.0237. In any case, decisive break of 1.0237 is needed to indicate up trend resumption. Otherwise, more sideway trading would be seen with risk of another fall. Meanwhile, break of 0.9695 support will target 0.9541 support instead.
