Daily Pivots: (S1) 0.9905; (P) 0.9932; (R1) 0.9959; More

USD/CHF’s consolidation form 1.0027 is still in progress and intraday bias remains neutral. With 0.9843 minor support intact, further rise is still expected. On the upside, break of 1.0027 will resume the rise from 0.9659 for 78.6% retracement of 1.0237 to 0.9659 at 1.0113 next. Break will target retest on 1.0237 high.

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In the bigger picture, corrective fall from 1.0237 should have completed at 0.9659 already, 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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