Daily Pivots: (S1) 0.9780; (P) 0.9811; (R1) 0.9863; More….
Intraday bias in USD/CHF remains on the upside for 0.9977 resistance. Correction from 1.0037 could have completed three waves down to 0.9698. Break of 0.9977 will confirm this view and resume whole rise from 0.9420 through 1.0037 high. On the downside, below 0.9783 minor support will turn intraday bias neutral first. But this bullish case will be favored as long as 0.9698 support holds.
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.
