Daily Pivots: (S1) 0.8776; (P) 0.8818; (R1) 0.8858; More…
Intraday bias in USD/CHF is turned neutral with current recovery, and some consolidations would be seen above 0.8776 temporary low. Risk will stay on the downside as long as 0.8923 resistance holds. Break of 0.8776 will extend the fall from 0.9223 to 61.8% retracement of 0.8332 to 0.9223 at 0.8672.
In the bigger picture, with 0.9243 resistance intact, medium term outlook in USD/CHF is neutral at best. For now, more sideway trading is likely between 0.8332/9243. However, firm break of 0.9243 will indicate larger bullish trend reversal.
