Daily Pivots: (S1) 0.9664; (P) 0.9690; (R1) 0.9705; More…
USD/CHF is staying in consolidation from 0.9646 and intraday bias remains neutral first. More sideway trading could be seen. Still, further fall is expected as long as 0.9770 resistance holds. Break of 0.9646 will resume whole decline form 1.0237 and target 100% projection of 1.0237 to 0.9659 from 1.0023 at 0.9445. Nevertheless, on the upside, break of 0.9770 will indicate short term bottoming and turn bias to the upside for 55 day EMA (now at 0.9847) instead.
In the bigger picture, medium term outlook remains neutral as USD/CHF is staying sideway trading started from 1.0342 (2016 high). Fall from 1.0237 is a leg inside the pattern and could target 0.9186 (2018 low). In case of another rise, break of 1.0237 is needed to indicate up trend resumption. Otherwise, more sideway trading would be seen with risk of another fall.
