Daily Pivots: (S1) 0.9717; (P) 0.9755; (R1) 0.9776; More….
USD/CHF’s decline accelerates through 0.9734 and reaches as low as 0.9698 so far. Corrective fall from 1.0037 has resumed. Intraday bias remains on the downside for 61.8% retracement of 0.9420 to 0.1.0037 at 0.9656. At this point, we’d expect strong support from 0.9656 to contain downside and bring rebound. But break of 0.9827 resistance is needed to indicate short term bottoming first. And, sustained trading below 0.9656 will pave the way to retest 0.9420.
In the bigger picture, range trading continues between 0.9420/1.0342. At this point, 0.9420 appears to be a strong support level. Therefore, in case of decline attempt, we don’t expect a firm break of this level. Nonetheless, strong break of 1.0342 is also needed to confirm upside momentum. Otherwise, medium term outlook will stay neutral.
