USD/CHF Daily Outlook
Daily Pivots: (S1) 0.9270; (P) 0.9305; (R1) 0.9330; More...
USD/CHF drops further today and intraday bias remains on the downside. As noted before, rebound from 0.9146 should be completed at 0.9455 already. Deeper fall should be seen back to retest 0.9146 support. Overall, the pair is still bounded in converging range since 0.9971 and we'd expect more sideway trading in near term. Above 0.9371 will turn bias back to the upside and break of 0.9455 will bring another rally towards 0.9751 resistance.
In the bigger picture, medium term rebound from 0.7065 should have completed after hitting 0.9916 resistance (61.8% retracement of 1.1730 to 0.7065 at 0.9948). Price actions from 0.9971 are developing into a sideway pattern. In case of deeper fall, we'd expect strong support from 38.2% retracement of 0.7065 to 0.9971 at 0.8861 to contain downside and bring rebound. Break of 0.9971 will resume whole up trend form 0.7065 and target 1.1730 resistance next.