Daily Pivots: (S1) 0.9693; (P) 0.9717; (R1) 0.9756; More…
Intraday bias in USD/CHF remains neutral as it failed to sustain above 0.9762 resistance and retreated sharply. On the upside, firm break of 0.9762 will indicate short term bottoming at 0.9613, on bullish convergence condition in 4 hour MACD. Further rise would be seen back towards 1.0023 resistance. On the downside, break of 0.9678 minor support will retain near term bearishness and turn bias back to the downside for retesting 0.9613 low.
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.
