USD/CHF Daily Outlook

USD/CHF Daily Outlook

Daily Pivots: (S1) 0.9457; (P) 0.9495; (R1) 0.9560; More...

USD/CHF is staying in range below 0.9551 temporary top and intraday bias remains neutral. In case of another fall, downside should be contained by 0.9339 support and bring rebound. Recent rise form 0.9021 is expected to continue. Such rise 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. However, break of 0.9339 will suggest that such rebound is 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.