Daily Pivots: (S1) 0.9874; (P) 0.9910; (R1) 0.9939; More

Intraday bias in USD/CHF remains neutral for the moment. Considering bearish divergence condition in 4 hour MACD, rebound from 0.9659 might be completed. Break of 0.9798 will add to this bearish case and target 0.9659/9713 support zone next. On the upside, above 0.9946 will resume the rebound to 0.9975 resistance instead.

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In the bigger picture, the structure of the fall from 1.0237 suggests that it’s a corrective move. Break of 0.9975 will argue that such correction has completed at 0.9659, ahead of 61.8% retracement of 0.9186 to 1.0237 at 0.9587. But decisive break of 1.0237 is needed to indicate up trend resumption. Otherwise, medium term outlook will stay neutral first. Meanwhile, break of 0.9695 support will extend the correction to 0.9541 support instead.


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