Daily Pivots: (S1) 0.9538; (P) 0.9567; (R1) 0.9602; More…
USD/CHF’s fall resumes after brief consolidation and breaks 0.9515 temporary low. Intraday bias is back on the downside. Current decline from 1.0237 should target 100% projection of 1.0023 to 0.9613 from 0.9848 at 0.9438. On the upside, break of 0.9597 minor resistance will turn bias neutral and bring consolidation again.
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.
