Daily Pivots: (S1) 0.9558; (P) 0.9578; (R1) 0.9604; More……
USD/CHF’s recovery continues in early US session and outlook is unchanged. Intraday bias remains neutral for consolidation above 0.9551. Upside of recovery should be limited below 0.9770 resistance and bring resumption. Below 0.9551 will extend the decline from 1.0342 to 0.94443 key support level. At this point, we’d expect strong support from there to bring rebound.
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.
