Daily Pivots: (S1) 0.9124; (P) 0.9150; (R1) 0.9163; More….

Intraday bias in USD/CHF remains on the downside at this point. Rebound form 0.8925 could completed completed at 0.9273, after rejection by 61.8% retracement of 0.9471 to 0.8925 at 0.9262. Sustained trading below 55 day EMA (now at 0.9121) will pave the way back to retest 0.8925 low. For now, risk will stay on the downside as long as 0.9273 resistance holds, in case of recovery.

In the bigger picture, medium term outlook is currently neutral with focus on 0.9471 resistance. Sustained break there will indicate completion of whole decline from 1.0342 (2016 high). Medium term outlook will be turned bullish for a test on 1.0342 high. But, rejection by 0.9471 again will revive bearishness for another fall through 0.8756 low.



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