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 USD/CHF Daily Outlook

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fxpulsation



Posts : 8759
Join date : 2012-01-25

PostSubject: USD/CHF Daily Outlook   Mon Mar 10, 2014 10:48 am



USD/CHF Daily Outlook

Daily Pivots: (S1) 0.8750; (P) 0.8782; (R1) 0.8810; More...

Intraday bias in USD/CHF remains on the downside for the moment. Current decline from 0.9156 is expected to continue to 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.
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