USD/CHF Daily Outlook

USD/CHF Daily Outlook

Daily Pivots: (S1) 0.9078; (P) 0.9099; (R1) 0.9123; More...

USD/CHF falls further to as low as 0.9075 so far and the break of 0.9077 indicates that larger decline from 0.9971 has resumed. Intraday bias remains on the downside and current fall should target 0.8930 medium term support next. On the upside, above 0.9163 minor resistance will turn bias neutral and bring recovery first before another decline.

In the bigger picture, medium term rebound from 0.7065 is viewed as a corrective move and should have completed after hitting 0.9916 resistance (61.8% retracement of 1.1730 to 0.7065 at 0.9948). Deeper decline is expected to 38.2% retracement of 0.7065 to 0.9971 at 0.8861. We'll hold on to this bearish view as long as 0.9388 resistance holds.