Daily Pivots: (S1) 0.9941; (P) 1.0001; (R1) 1.0080; More….
Intraday bias in USD/CHF remains on the upside for the moment. Pull back from 1.0327 is completed after drawing support from 61.8% retracement of 0.9475 to 1.0327 at 0.9800. Further rise would be seen to retest 1.0327 high next. The current development also argues that larger up trend is not over yet. On the downside, though, below 0.9923 minor support will turn bias back to the downside instead.
In the bigger picture, the failure to sustain above 1.0239 key resistance and sharp fall from 1.0327 is raising the change of medium term reversal. Sustained break of 0.9842 resistance turn support will turn medium term outlook bearish for 0.9475 support first. Break would send USD/CHF to 0.9072 support and below. Overall, the price actions since 0.7065 long term bottom (2011 low) are corrective in nature and we’ll probably see more range trading ahead.
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USD/CHF Day by day Outlook
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