Daily Pivots: (S1) 0.9594; (P) 0.9617; (R1) 0.9642; More….
Intraday bias in USD/CHF remains neutral as consolidative trading from 0.9535 continues. With 0.9698 support turned resistance intact, near term outlook remains mildly bearish. Break of 0.9535 will extend the fall from 1.0037 and target a test on 0.9420 low. Nonetheless, firm break of 0.9698 will be the first sign of near term reversal. And, intraday bias will be turned back to the upside for 0.9844 resistance for confirmation.
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.