Daily Pivots: (S1) 0.9551; (P) 0.9592; (R1) 0.9618; More….
USD/CHF drops to as low as 0.9499 so far today. Break of 0.9535 confirms resumption of fall from 1.0037. Intraday bias is back on the downside for retesting 0.9420 low. We’d expect strong support from there to bring rebound. On the upside, break of 0.9640 resistance 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.
