USD/CHF Daily Outlook
Daily Pivots: (S1) 0.9051; (P) 0.9075; (R1) 0.9114; More...
Intraday bias in USD/CHF remains on the upside for the moment. The rebound from 0.8799 short term bottom is still in progress and would target 0.9249 resistance. Break will confirm near term trend reversal and bring further rally. On the downside, below 0.9019 minor support will turn bias neutral and bring retreat back to 4 hours 55 EMA (now at 0.8994).
In the bigger picture, USD/CHF is limited below both 55 weeks and 55 months EMA for the moment. The correction pattern from 0.9971 could still extend lower. Sustained break of 38.2% retracement of 0.7065 to 0.9971 at 0.8861 will extend the fall to 50% retracement at 0.8518. Nonetheless, rebound from the current level, followed by break of 0.9249 resistance will indicate that the consolidation pattern might be completed and would turn outlook cautiously bullish.