Daily Pivots: (S1) 0.9719; (P) 0.9741; (R1) 0.9780; More…..
A temporary low is in place at 0.9691 in USD/CHF and intraday bias is turned neutral first. Some consolidations would be seen but upside of recovery is expected to be limited by 0.9858 support turned resistance to bring another decline. Whole fall from 1.0342 is still in progress and below 0.9691 will target 100% projection of 1.0342 to 0.9860 from 1.0099 at 0.9617. We’ll start to look for reversal signal below there.
In the bigger picture, USD/CHF is bounded in medium term range of 0.9443/1.0342 for the moment. Consolidative trading would likely continue and medium term outlook remains neutral. Break of 1.0342 key resistance is needed to confirm underlying bullish momentum in the pair. Meanwhile, downside attempts should be contained by 0.9443 key support level.
