USD/CHF Daily Outlook
Daily Pivots: (S1) 0.9078; (P) 0.9107; (R1) 0.9150; More...
With 0.9044 minor support intact, further rally is still expected in USD/CHF for 0.9177 resistance. Break there will confirm the bullish case of reversal and should target 0.9455 resistance next. On the downside, below 0.9044 minor support will turn bias back to the downside for 0.8889 support instead.
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.