USD/CHF Daily Outlook

USD/CHF Daily Outlook

Daily Pivots: (S1) 0.8768; (P) 0.8829; (R1) 0.8864; More...

The break of 0.8824 minor support suggests that the recovery from 0.8777 has completed at 0.8895 already. Intraday bias is back on the downside for 0.8777 first. Break will resume whole decline from 0.9156 and should target 61.8% projection of 0.9751 to 0.8799 from 0.9156 at 0.8568. On the upside, break of 0.8895 is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in near term.

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 0.9156 resistance will indicate that the consolidation pattern might be completed and would turn outlook cautiously bullish.