Daily Pivots: (S1) 0.9568; (P) 0.9607; (R1) 0.9637; More…..
USD/CHF’s decline continues today and reaches as low as 0.9560 so far. Intraday bias stays on the downside and fall from 1.0342 would target 0.9548 support and below. We’d start to look for bottoming signal again as it approaches 0.9443 key support level. On the upside, above 0.9646 minor resistance will turn bias neutral and bring recovery. But still, break of 0.9770 resistance is ended to indicate short term bottoming. Otherwise, outlook will remain bearish.
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.