Daily Pivots: (S1) 0.9733; (P) 0.9745; (R1) 0.9759; More…
USD/CHF’s focus is now back on 0.9766 resistance. Rejection by this resistance will retain near term bearishness. 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. However, sustained break of 0.9766 will indicate short term reversal and bring stronger rebound to 1.0023 resistance next.
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.
