Decline of USD/CHF is Corrective

Trading in the pair is neutral. Drop from 1.0037 is corrective. Pivot points are at: (S1) 0.9701; (P) 0.9786; (R1) 0.9836.

Bottoming in the pair is possible below 0.9656. The pair should target 61.8% retracement of 0.9420 to 1.0037 at 0.9656. Overcoming of resistance 0.9881 will indicate completion of the fall.

The pair’s trading stays in a range of 0.9420/1.0342 and a medium term forecast is neutral. Overcoming of 1.0342 will confirm resumption of upside momentum.