Daily Pivots: (S1) 0.9957; (P) 0.9971; (R1) 0.9983; More…
USD/CHF is losing some upside momentum as seen in 4 hour MACD. But with 0.9949 minor support intact, intraday bias remains mildly on the upside. Consolidation from 1.0027 should have completed at 0.9869. Further rise should be seen to retest 1.0027 first. Break will resume whole rise from 0.9659 to 78.6% retracement of 1.0237 to 0.9659 at 1.0113. On the downside, however, break of 0.9949 minor support will turn bias to the downside to extend the consolidation with another falling leg.
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.
