Daily Pivots: (S1) 0.9630; (P) 0.9644; (R1) 0.9668; More……
USD/CHF is staying in consolidation above 0.9551 and intraday bias remains neutral. Near term outlook remains bearish as long as 0.9777 resistance holds. Below 0.9551 will 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. Meanwhile, break of 0.9777 will now indicate short term reversal, on bullish convergence condition in 4 hour MACD.
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.
