Daily Pivots: (S1) 0.9551; (P) 0.9592; (R1) 0.9618; More….
At this point, USD/CHF is staying above 0.9535 temporary low and intraday bias remains neutral. Outlook stays bearish as long as 0.9689 support turned resistance holds. Break of 0.9535 will resume the decline 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.
