Daily Pivots: (S1) 0.9625; (P) 0.9639; (R1) 0.9664; More…
With 4 hour MACD crossed above signal line, a temporary low is formed at 0.9613. Intraday bias is turned neutral for consolidations. Upside should be limited well below 0.9762 resistance to bring down trend resumption. on the downside, break of 0.9613 will target 100% projection of 1.0237 to 0.9659 from 1.0023 at 0.9445.
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.
