USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9767; (P) 0.9790; (R1) 0.9808; More…

A temporary low is formed at 0.9770 with current recovery. Intraday bias in USD/CHF is turned neutral for some consolidations first. Further fall is expected as long as 0.9876 resistance holds. On the downside, below 0.9770 will resume the decline from 1.0023 and target 0.9659 low. However, break o f0.9876 will turn bias back to the upside for 1.0023 resistance.

In the bigger picture, medium term outlook remains neutral as USD/CHF is staying in range of 0.9659/1.0237. In any case, decisive break of 1.0237 is needed to indicate up trend resumption. Otherwise, more sideway trading would be seen with risk of another fall. Meanwhile, break of 0.9695 support will target 0.9541 support instead.