USD/CHF Daily Outlook
Daily Pivots: (S1) 0.9465; (P) 0.9485; (R1) 0.9498; More...
As noted before, the correction from 0.9566 might have completed at 0.9352 already. Intraday bias mildly on the upside for retesting 0.9566 first. Break will resume whole rebound from 0.9021. Such rise 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. We'll stay cautiously bullish as long as 0.9352 minor support holds.
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.