Daily Pivots: (S1) 0.9812; (P) 0.9854; (R1) 0.9894; More…..
Intraday bias in USD/CHF is turned neutral with a temporary low in place at 0.9812. Some consolidation could be seen. But deeper fall is still expected as long as 0.9959 resistance holds. Below 0.9812 will extend the current decline from 1.0342 to 100% projection of 1.0342 to 0.9860 from 1.0169 at 0.9687 and possibly below. However, break of 0.9959 will indicate short term bottoming and turn bias back to the upside for 55 day EMA (now at 1.0022).
In the bigger picture, USD/CHF is staying in medium term sideway pattern between 0.9443/1.0342. In any case, decisive break of 1.0342 resistance is needed to confirm underlying strength. Otherwise, we’ll stay neutral in the pair first. In case of deeper fall, we’d expect strong support from 0.9443/9548 support zone.
