USD/CHF Daily Outlook

USD/CHF Daily Outlook

Daily Pivots: (S1) 0.8912; (P) 0.9023; (R1) 0.9082; More...

The break of 0.8986 minor support dampened the original bullish case and suggests that rebound from 0.8799 might be finished already. Intraday bias is back on the downside and deeper fall could be seen back to retest 0.8799 support. On the upside, above 0.9038 minor resistance will turn bias back to the upside for 0.9156 resistance again.

In the bigger picture, USD/CHF is limited below both 55 weeks and 55 months EMA for the moment. The correction pattern from 0.9971 could still extend lower. Sustained break of 38.2% retracement of 0.7065 to 0.9971 at 0.8861 will extend the fall to 50% retracement at 0.8518. Nonetheless, rebound from the current level, followed by break of 0.9249 resistance will indicate that the consolidation pattern might be completed and would turn outlook cautiously bullish.