Daily Pivots: (S1) 0.9615; (P) 0.9646; (R1) 0.9676; More…..
USD/CHF’s recovery from 0.9613 continues in early US session but it’s staying well below 0.9807 resistance so far. Intraday bias remains neutral for the moment. Deeper fall is expected with 0.9807 intact. When decline from 1.0342 resumes, we’d tart to look for bottoming signal again as it approaches 0.9443 key support level. However, considering bullish convergence condition in 4 hour MACD, break of 0.9807 will indicate near term reversal and turn outlook bullish for 1.0099 resistance next.
In the bigger picture, USD/CHF is still 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. However, sustained break of 0.9443 will carry larger bearish implication and target 0.9 handle.
