USD/CHF Daily Outlook
Daily Pivots: (S1) 0.9436; (P) 0.9494; (R1) 0.9570; More...
USD/CHF lost some upside moment again. But with 0.9409 minor support intact, further rally is still expected. Current rise from 0.9021 is viewed as the second leg of the consolidation pattern fro 0.9971 and would likely extend to 61.8% retracement of 0.9971 to 0.9021 at 0.9608 and above. Though, break of 0.9409 will indicate that rebound from 0.9021 might be completed and will turn bias back to the downside instead.
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 development suggests that price action from there are developing into a sideway pattern. Retest of 0.9971 could be seen but we won't turn bullish until sustained break there. Otherwise, we're prefer at least one more fall before pattern from 0.9971 completes.