USD/CHF Daily Outlook

USD/CHF Daily Outlook

Daily Pivots: (S1) 0.9379; (P) 0.9436; (R1) 0.9477; More...

With 0.9624 resistance intact, USD/CHF's fall from 0.9838 is still in progress and deeper fall is expected to be seen to 0.9246 support. Break will confirm completion of whole rise form 0.9021 and turn outlook bearish. Meanwhile, above 0.9624 will revive the bullish case that larger rise from 0.9021 isn't completed and will turn focus back to 0.9838 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). Price actions from 0.9971 are expected to develop into a sideway pattern. That is, rise from 0.9021 would have a test on 0.9971 and have another fall before resuming the larger up trend.