Daily Pivots: (S1) 0.9750; (P) 0.9766; (R1) 0.9791; More…
Intraday bias in USD/CHF remains mildly on the upside at this point. Rebound from 0.9613 short term bottom should target 38.2% retracement of 1.0237 to 0.9613 at 0.9851 first. On the downside, below 0.9703 minor support will bring retest of 0.9613 low 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.
