USD/CHF Daily Outlook
Daily Pivots: (S1) 0.9425; (P) 0.9496; (R1) 0.9541; More...
Upside momentum in USD/CHF remains unconvincing. But with 0.9429 minor support intact, rebound from 0.9021 should still continue. Such rise is viewed as the second leg of the consolidation pattern from 0.9971 and would likely extend to 61.8% retracement of 0.9971 to 0.9021 at 0.9608 and above. Though, break of 0.9429 will indicate short term topping and will flip bias back to the downside.
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.