USD/CHF Daily Outlook

USD/CHF Daily Outlook

Daily Pivots: (S1) 0.9438; (P) 0.9460; (R1) 0.9479; More...

With 0.9380 minor support intact, current rebound from 0.9214 could extend further to 38.2% retracement of 0.9971 to 0.9214 at 0.9503. On the downside, below 0.9380 minor support will turn bias neutral first. Break of 0.9276 will indicate that fall from 0.9971 is finally resuming.

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.