Daily Pivots: (S1) 0.9567; (P) 0.9606; (R1) 0.9674; More….
USD/CHF’s rebound from 0.9427 is still in progress and further rise might be seen. The consolidation could extend longer considering that the pair is close to 0.9443 key support. Nonetheless, break of 0.9772 resistance is needed to confirm near term reversal. Otherwise, outlook stays bearish for another decline. Below 0.9537 minor support will turn bias back to the downside for retesting 0.9427 first. Break of 0.9427 will target 61.8% projection of 1.0099 to 0.9437 to 0.9772 at 0.9363.
In the bigger picture, current development suggests that 0.9443 key support (2016 low) could be taken out firmly as down trend form 1.0342 extends. There are various interpretation of the price actions. But in any case, medium term outlook will stay bearish as long as 0.9772 resistance holds. Current down trend could extend to 38.2% retracement of 0.7065 (2011 low) to 1.0342 (2016 high) at 0.9090.
