USD/CHF Daily Outlook

USD/CHF Daily Outlook

Daily Pivots: (S1) 0.9255; (P) 0.9296; (R1) 0.9362; More...

No change in USD/CHF's outlook. As long as 0.9184 minor support holds, there is no confirmation of reversal and the rebound from 0.9021 could extend higher. Nonetheless, such rise is viewed as a correction only and thus, we'd expect strong resistance below 0.9388 to bring reversal eventually. Break of 0.9184 will turn bias back to the downside for retesting 0.9021. However, break of 0.9388 will have larger bullish implication and will bring further rise back to 0.9512 resistance.

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.