Daily Pivots: (S1) 0.9857; (P) 0.9873; (R1) 0.9893; More…
USD/CHF’s strong rebound ahead of 0.9841 support suggests it’s merely in consolidation pattern from 1.0027, rather than reversing the rise from 0.9659. Intraday bias remains neutral first. Further rise is in favor as long as 0.9841 support holds. Break of 0.9970 will bring retest of 1.0027 resistance next. On the downside, though, break of 0.9841 will indicate completion of whole rise from 0.9659 and turn outlook bearish for retesting this low.
In the bigger picture, medium term outlook remains neutral as USD/CHF is staying in range of 0.9659/1.0237. In any case, decisive break of 1.0237 is needed to indicate up trend resumption. Otherwise, more sideway trading would be seen with risk of another fall. Meanwhile, break of 0.9695 support will target 0.9541 support instead.
