Daily Pivots: (S1) 0.9809; (P) 0.9836; (R1) 0.9858; More…
USD/CHF drops to as low as 0.9812 so far today. The break of 0.9841 support suggests that rebound from 0.9659 has completed already. Intraday bias is now back on the downside. Further decline should be seen back to 0.9659 support. On the upside, above 0.9863 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.
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.
