Daily Pivots: (S1) 0.9621; (P) 0.9651; (R1) 0.9670; More

USD/CHF’s fall is still in progress and intraday bias stays on the downside. Current down trend form 1.0237 should target 100% projection of 1.0237 to 0.9659 from 1.0023 at 0.9445. On the upside, above 0.9665 minor resistance will turn intraday bias neutral first. But break of 0.9762 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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In the bigger picture, medium term outlook remains neutral as USD/CHF is staying sideway trading started from 1.0342 (2016 high). Fall from 1.0237 is a leg inside the pattern and could target 0.9186 (2018 low). In case of another rise, break of 1.0237 is needed to indicate up trend resumption. Otherwise, more sideway trading would be seen with risk of another fall.

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