Daily Pivots: (S1) 0.9858; (P) 0.9897; (R1) 0.9962; More…..
USD/CHF rebounded strongly but stays below 0.9959 minor resistance so far. Intraday bias is staying neutral first. With 0.9959 minor resistance intact, another decline is in favor. Below 0.9812 will extend the decline from 1.0342 to 100% projection of 1.0342 to 0.9860 from 1.0169 at 0.9687. However, considering bullish convergence condition in 4 hour MACD, break of 0.9959 will indicate short term bottoming and turn bias back to the upside for 55 day EMA (now at 1.0025).
In the bigger picture, USD/CHF is staying in medium term sideway pattern between 0.9443/1.0342. In any case, decisive break of 1.0342 resistance is needed to confirm underlying strength. Otherwise, we’ll stay neutral in the pair first. In case of deeper fall, we’d expect strong support from 0.9443/9548 support zone.
