Daily Pivots: (S1) 0.9821; (P) 0.9874; (R1) 0.9908; More….
Strong break of 0.9981 support suggests that USD/CHF’s rebound from 0.9734 has completed at 0.9977 already. Intraday bias is back on the downside for 0.9734 and below to extend the correction from 1.0037. We’d expect strong support from 61.8% retracement of 0.9420 to 0.1.0037 at 0.9656 to contain downside and bring rebound On the upside, above 0.9895 minor resistance will turn bias back to the upside for 0.9977 instead.
In the bigger picture, range trading continues between 0.9420/1.0342. At this point, 0.9420 appears to be a strong support level. Therefore, in case of decline attempt, we don’t expect a firm break of this level. Nonetheless, strong break of 1.0342 is also needed to confirm upside momentum. Otherwise, medium term outlook will stay neutral.
