USD/CHF Daily Outlook

USD/CHF Daily Outlook

Daily Pivots: (S1) 0.8696; (P) 0.8729; (R1) 0.8754; More...

Intraday bias in USD/CHF remains neutral for some more sideway trading above 0.8698 temporary low. But upside of recovery is expected to be limited well below 0.8895 and bring fall resumption. Below 0.8698 will extend the larger decline to 61.8% projection of 0.9751 to 0.8799 from 0.9156 at 0.8568 next.

In the bigger picture, the correction pattern from 0.9971 is still in progress and should now target 50% retracement of 0.7065 to 0.9971 at 0.8518 and below. We'd start to look for reversal signal below 0.8518 again. But before that, outlook will stay bearish as long as 0.9156 resistance holds even in case of strong rebound.