USD/CHF Daily Outlook
Daily Pivots: (S1) 0.8871; (P) 0.8900; (R1) 0.8935; More...
Intraday bias in USD/CHF remains neutral as consolidation from 0.8852 continues. Another fall is still in favor with 0.8938 minor resistance intact. But considering bullish convergence condition in 4 hours MACD, we'd expect strong support above 0.8799 to bring rebound. On the upside, above 0.8938 minor resistance will turn bias back to the upside for 0.9081 resistance.
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.