Daily Pivots: (S1) 0.9671; (P) 0.9705; (R1) 0.9729; More…
USD/CHF’s break of 0.9678 minor support suggests that corrective rebound from 0.9614 has completed at 0.9766. Intraday bias is turned back to the downside for retesting 0.9613 low. Break will resume larger fall form 1.0237 to 100% projection from 1.0237 to 0.9659 from 1.0023 at 0.9445. In any case, outlook will remain bearish as long as 0.9766 resistance holds, in case of recovery.
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.
