USD/CHF Daily Outlook

Daily Pivots: (S1) 0.9241; (P) 0.9289; (R1) 0.9374; More...

USD/CHF's fall was contained at 0.9026 and recovered since then. The break of 0.9237 minor resistance argues that a short term bottom is in place. Intraday bias is back on the upside. Break of 0.9352 resistance will suggest that correction from 0.9566 is completed and will bring retest of this resistance. On the downside, below 0.9206 will extend the fall from 0.9566 to retest 0.9021.

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. While it's a bit remote, we'd like to point out the possibility of a head and should top pattern (ls: 0.9594; h: 0.9971; rs: 0.9566) and a break of 0.9021 support will turn medium term outlook bearish.

IMOH, Clement I.
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