Daily Pivots: (S1) 0.9520; (P) 0.9558; (R1) 0.9601; More…
A temporary low is in place at 0.9515 in USD/CHF with current recovery. Intraday bias in turned neutral for some consolidations first. Upside of recovery should be limited by 4 hour 55 EMA (now at 0.9681) to bring fall resumption. On the downside, break of 0.9151 will extend larger fall from 1.0237 to 100% projection of 1.0023 to 0.9613 from 0.9848 at 0.9438.
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.
