Daily Pivots: (S1) 0.9738; (P) 0.9759; (R1) 0.9788; More…
Break of 0.9741 minor support argues that corrective rise from 0.9613 has completed at 0.9848, after rejection by 38.2% retracement of 1.0237 to 0.9613 at 0.9851. Intraday bias in USD/CHF is back on the downside for retesting 0.9613/29 support zone. Firm break there will resume larger fall from 1.0237. For now, risk will stay on the downside as long as 0.9848 resistance holds, in case of recovery.
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.
