Daily Pivots: (S1) 1.0042; (P) 1.0061; (R1) 1.0085; More…
Intraday bias in USD/CHF remains neutral as consolidation from 1.0128 is in progress. As long as 0.9952 support holds, near term outlook remains bullish for another rise. On the upside, break of 1.0128 would resume larger rise from 0.9186 and target 1.0342 key resistance. However, firm break of 0.9952 will indicate short term topping and bring deeper fall back to 0.9848 support first.
In the bigger picture, the pullback from 1.0067 has completed at 0.9541 already. And rise from 0.9186 is likely resuming. Firm break of 1.0067 will pave the way to retest 1.0342 key resistance. We’d be cautious on strong resistance from there to limit upside to bring another medium term fall to extend long term range trading. However, firm break of 0.9848 near term support will dampen this view and bring deeper decline back to 0.9541 support and possibly below.
