Daily Pivots: (S1) 0.9660; (P) 0.9678; (R1) 0.9690; More…
A temporary low is formed at 0.9646 as USD/CHF recovered after drawing support form 0.9659 support Intraday bias is turned neutral first. Further decline is in favor as long as 0.9770 support turned resistance holds. Break of 0.9646 will target 0.9541. Nevertheless, on the upside, break of 0.9770 will indicate short term bottoming and turn bias to the upside for 55 day EMA (now at 0.9857) instead.
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.
