Daily Pivots: (S1) 0.9611; (P) 0.9653; (R1) 0.9697; More…
Intraday bias in USD/CHF remains on the downside with 0.9695 minor resistance intact. Whole decline form 1.0237 should be resume. Sustained trading below 0.9613 will target 100% projection of 1.0023 to 0.9613 from 0.9848 at 0.9438. On the upside, break of 0.9699 minor resistance will turn intraday bias neutral first. But recovery should be limited well below 0.9848 resistance to bring fall resumption.
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 rejection by 55 week EMA affirms bearishness. Such decline could target 0.9186 (2018 low) and below. 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.
