Daily Pivots: (S1) 0.9961; (P) 0.9974; (R1) 0.9996; More

USD/CHF is staying in consolidation fro 0.9879 and intraday bias remains neutral first. As long as 1.0010 minor resistance holds, further decline is mildly in favor. On the downside, break of 0.9879 will resume the fall from 1.0124 to 0.9716 key support. On the upside, break of 1.0010 minor resistance will suggest that pull back from 1.0124 has completed. Intraday bias will be turned back to the upside for 1.0124/28 resistance zone.

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In the bigger picture, focus is back on medium term trend line (now at 0.9849). Decisive break there will argue that whole rise from 0.9186 has completed. Further break of 0.9716 will confirm reversal and target next support level at 0.9541. Nevertheless, there is still a chance that price action from 1.0128 are forming a consolidative pattern with fall from 1.0124 as third leg. If this is the case, stronger support should be seen between 0.9716 and the trend line to contain downside.


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