USD/CHF Daily Outlook

USD/CHF Daily Outlook

Daily Pivots: (S1) 0.9391; (P) 0.9444; (R1) 0.9537; More...

The strong rebound and break of 0.9482 minor resistance suggests that USD/CHF's correction from 0.9566 has completed at 0.9352. Intraday bias is back on the upside for 0.9566. Break will resume rebound from 0.9021. Such rally from 0.9021 is viewed as the second leg of the sideway pattern from 0.9971 and should then target 61.8% retracement of 0.9971 to 0.9021 at 0.9608 and above.

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). Current development suggests that price action from there are developing into a sideway pattern. Retest of 0.9971 could be seen but we won't turn bullish until sustained break there. Otherwise, we're prefer at least one more fall before pattern from 0.9971 completes.