USD/CHF Daily Outlook
Daily Pivots: (S1) 0.9373; (P) 0.9423; (R1) 0.9452; More...
USD/CHF dips through 0.9378 today as correction from 0.9566 extends. Intraday bias is mildly on the downside for 55 days EMA (now at 0.9338 and below. Nonetheless, rise from 0.9021 is viewed as the second leg of the sideway pattern from 0.9971 and would resume after the pull back from 0.9566. Above 0.9482 will turn bias back to the upside for 0.9566 and above.
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.