Daily Pivots: (S1) 0.9637; (P) 0.9655; (R1) 0.9680; More…
With 4 hour MACD crossed above signal line, intraday bias in USD/CHF is turned neutral first. Consolidation from 0.9613 is in progress and could extend with another recovery. But upside should be limited by 0.9766 resistance. On the downside, decisive break of 0.9613 will resume whole down trend from 1.0237. Next target is 100% projection of 1.0237 to 0.9659 from 1.0023 at 0.9445.
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.
