USD/CHF Daily Outlook

USD/CHF Daily Outlook

Daily Pivots: (S1) 0.9433; (P) 0.9444; (R1) 0.9462; More...

Intraday bias in USD/CHF remains neutral and more sideway trading could be seen below 0.9512. Further rally will remain in favor as long as 0.9380 minor support holds. Break of 0.9512 will target 50% retracement of 0.9971 to 0.9214 at 0.9593. Meanwhile, break of 0.9380 will argue that rebound form 0.9214 is finished and turn bias back to the downside for 0.9276 support for confirmation.

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). Current rebound fro 0.9214 is viewed as a correction only and fall from 0.9971 should resume after such correction completes. Deeper decline is expected to 38.2% retracement of 0.7065 to 0.9971 at 0.8861 on break of 0.9214.