USD/CHF Daily Outlook

Daily Pivots: (S1) 0.9287; (P) 0.9324; (R1) 0.9385; More...

Intraday bias in USD/CHF remains mildly on the upside for 0.9498 resistance first. Note that with 0.9206 intact, the near term bullish outlook is retained. Break of 0.9498 will likely extend the rebound from 0.9021 through 0.9566. Though, below 0.9246 will turn focus back to 0.9206. Break there will have larger bearish implication and would probably resume the fall from 0.9971 for another low below 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. However, break of 0.9021 support will suggest that fall from 0.9971 is developing into to deep correction that instead, that should reach 38.2% retracement of 0.7065 to 0.9971 at 0.8861 and below.

IMOH, Clement I.
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