Daily Pivots: (S1) 0.9647; (P) 0.9709; (R1) 0.9743; More…
USD/CHF’s fall from 0.9848 is still in progress and intraday bias stays on the downside. Corrective rise from 0.9613 should have completed at 0.9848, after rejection by 38.2% retracement of 1.0237 to 0.9613 at 0.9851. Firm break of 0.9613 will resume larger fall from 1.0237, for 0.9541 support. On the upside, above 0.9728 minor resistance will turn intraday bias neutral. But 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.
