Daily Pivots: (S1) 0.9693; (P) 0.9717; (R1) 0.9756; More…
Focus is now on 0.9762 resistance in USD/CHF. Firm break there will indicate short term bottoming at 0.9613, on bullish convergence condition in 4 hour MACD. Further rise would be seen to 55 day EMA (now at 0.9778) and above. On the downside, break of 0.9678 minor support will retain near term bearishness and turn bias back to the downside for retesting 0.9613 low.
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.
