Daily USD/CHF Daily Outlook

Daily USD/CHF Daily Outlook

Pivots: (S1) 0.9411; (P) 0.9434; (R1) 0.9448; More...

With 4 hours MACD crossed below signal line, intraday bias in USD/CHF is turned neutral with focus back on 0.9386 support. Break will ague that the three wave corrective rise from 0.9214 has completed and will turn bias back to the downside for 0.9276 support. Break will suggest that larger decline from 0.9971 is resuming for another low below 0.9214. In case of another rise, we'd expect strong resistance from 38.2% retracement of 0.9971 to 0.9214 at 0.9503 to limit upside and bring fall resumption eventually.

In the bigger picture, medium term rebound from 0.7065 is viewed as a corrective move and should have completed after hitting 0.9916 resistance (61.8% retracement of 1.1730 to 0.7065 at 0.9948). Break of 0.9420 confirmed reversal and should at least bring decline to 38.2% retracement of 0.7065 to 0.9971 at 0.8861. In case of strong rebound, we'd expect upside to be limited below 0.9971 and bring another fall.