Daily Pivots: (S1) 0.9596; (P) 0.9628; (R1) 0.9673; More….
While the rebound from 0.9420 is strong, USD/CHF is still limited below 0.9679 resistance. Intraday bias remains neutral with near term bearish outlook. Another fall remains in favor. Below 0.9572 minor support will turn bias to the downside for 0.9420 low first. Sustained break of 0.9420 will target 61.8% projection of 1.0099 to 0.9437 from 0.9772 at 0.9363 first. However, break of 0.9679 will indicate near term reversal and turn bias to the upside for 0.9772 resistance for confirmation.
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. However, break of 0.9772 will indicate that USD/CHF has successfully defended 0.9443 again and turn outlook bullish for 1.0099 resistance.
