USD/CHF Daily Outlook
Daily Pivots: (S1) 0.8953; (P) 0.8978; (R1) 0.9012; More...
Intraday bias in USD/CHF remains mildly on the upside at this point. A short term bottom is formed at 0.8889 on bullish convergence condition in 4 hours MACD. Also, USD/CHF was supported above long term retracement level at 0.8861. Further rally would be seen to 0.9177 resistance and break will confirm near term reversal. However, another decline and sustained break of 0.8861 will target 100% projection of 0.9455 to 0.8967 from 0.9177 at 0.8689.
In the bigger picture, medium term rebound from 0.7065 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 developing into a sideway pattern. In case of deeper fall, we'd expect strong support from 38.2% retracement of 0.7065 to 0.9971 at 0.8861 to contain downside and bring rebound. Break of 0.9971 will resume whole up trend form 0.7065 and target 1.1730 resistance next. However, sustained trading below 0.8861 will likely send USD/CHF further down to 61.8% retracement at 0.8175.