USD/CHF Daily Outlook

Daily Pivots: (S1) 1.0299; (P) 1.0371; (R1) 1.0414; More

USD/CHF edges higher to 1.0442 today and is attempting to break above further from mentioned 1.0352/83 resistance zone. As mentioned before, while intraday upside momentum is unconvincing, the short term bearish outlook in EUR/USD is arguing the current rise in USD/CHF from 0.9634 is going to extend further. At this point, intraday bias remains on the upside as long as 1.0298 minor support holds and further rally is mildly in favor to 100% projection of 0.9634 to 1.0249 from 0.9907 at 1.0522 first. However, , on the downside, below 1.0298 minor support will flip intraday bias back to the downside for 4 hours 55 EMA (now at 1.0265) and will be the first signal that rally from 0.9634 has completed. .

In the bigger picture, focus remains on 1.0352/83 resistance zone (50% retracement of 1.1105 to 0.9634 at 1.0370 and 38.2% retracement of 1.1596 to 0.9634 at 1.0383). Firm break of this resistance zone will indicate that that fall from 1.1596 has completed and a medium bottom is probably in place at 0.9634 . Stronger rally should then be seen to resistance zone of 1.0890 to 1.1596. However, bouncing off from this resistance, followed by a break of 0.9995 will indicate that rebound from 0.9634 has completed and will bring retest of this low.

Subscribe to our daily and mid-day newsletter to get this report delivered to your mail box