USD/CHF Daily Outlook
Daily Pivots: (S1) 0.8998; (P) 0.9037; (R1) 0.9061; More...
Deeper fall could be seen in USD/CHF in near term. But we'd continue to expect strong support above 0.8889 to complete the correction from 0.9249 and bring rebound. Break of 0.9110 minor resistance will turn bias back to the upside. Further break of 0.9191 will strongly suggest that rise from 0.8889 is resuming for another high above 0.9249.
In the bigger picture, price action from 0.9971 is viewed as a medium term consolidation pattern. In case of another fall, we'd expect strong support from 38.2% retracement of 0.7065 to 0.9971 at 0.8861 to contain downside to complete the pattern. Sustained trading above 55 EMA (now at 0.9270) will bring retest of 0.9971.