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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 24, 2014 8:32 am


USD/CHF Daily Outlook

Daily Pivots: (S1) 0.8809; (P) 0.8825; (R1) 0.8836; More...

With 0.8895 resistance intact, near term outlook in USD/CHF stays bearish and another fall is expected. Below 0.8698 will target 61.8% projection of 0.9751 to 0.8799 from 0.9156 at 0.8568. However, break of 0.8895 will firstly indicate that fall from 0.9156 has completed. More importantly, it would argue that the larger fall from 0.9838 has completed a five way sequence too. In such case, outlook will be turned bullish for at least a test on 0.9156 resistance.

In the bigger picture, the correction pattern from 0.9971 is still in progress and should now target 50% retracement of 0.7065 to 0.9971 at 0.8518 and below. We'd start to look for reversal signal below 0.8518 again. But before that, outlook will stay bearish as long as 0.9156 resistance holds even in case of strong rebound.
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