Daily Pivots: (S1) 0.9821; (P) 0.9842; (R1) 0.9862; More…
USD/CHF edged higher to 0.9862 but momentum stays weak as seen in 4 hour MACD. Intraday bias remains neutral for some more consolidative trading. Deeper decline cannot be ruled out but outlook stays cautiously bullish as long as 0.9736 minor support holds. On the upside, decisive break of 0.9866 will pave the way to retest 1.0067 high. However, break of 0.9736 will argue that the rebound from 0.9541 has completed and turn bias to the downside for deeper fall.
In the bigger picture, focus is now back on 0.9866 support turned resistance. Decisive break there will suggests that pull back from 1.0067 has completed at 0.9541. And larger rise from 0.9186 low is ready to resume. Decisive break of 1.0067 will pave the way to 1.0342 key resistance next. Meanwhile, break of 0.9541 will extend the decline but we don’t expect a break of 0.9186 low even in that case.
