Daily Pivots: (S1) 0.9765; (P) 0.9791; (R1) 0.9816; More…
Intraday bias in USD/CHF remains neutral as range trading continues below 0.9848 temporary top. Further rise is mildly in favor as long as 0.9741 support holds, with focus on 38.2% retracement of 1.0237 to 0.9613 at 0.9851. On the upside, sustained break of 0.9851 will add to the case of bullish near term reversal and target 61.8% retracement at 0.9999 next. On the downside, break of 0.9741 will suggest rejection by 0.9851 and retain near term bearishness. Intraday bias will be turned 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.
