USD/CHF Daily Outlook

USD/CHF Daily Outlook

Daily Pivots: (S1) 0.8856; (P) 0.8875; (R1) 0.8892; More...

The recovery from 0.8777 might extend higher. But again, near term outlook stays bearish was long as 0.8930 resistance holds and another fall is still expected. Below 0.8824 will turn bias to the downside for 0.8777 and then 61.8% projection of 0.9751 to 0.8799 from 0.9156 at 0.8568. However, break of 0.8930 will indicate short term bottoming and will bring stronger rebound.

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 0.9156 resistance will indicate that the consolidation pattern might be completed and would turn outlook cautiously bullish.