USD/CHF Daily Outlook

Daily Pivots: (S1) 1.0096; (P) 1.0199; (R1) 1.0263; More

USD/CHF's recovery from 1.0136 continues today and break of 1.0218 minor resistance indicates that an intraday low is in place. Further consolidation could now be seen but upside should be limited well below 1.0352 resistance and bring fall resumption. As discussed before, prior break of short term rising trend line support with daily MACD dipped into negative region argues that medium term rebound from 0.9634 is already completed at 1.0623. Sustained trading below 1.0147 support will add more credence to this case and bring deeper fall to 0.9995 support.

In the bigger picture, a medium term bottom is in place at 0.9634. Subsequent rally from there is still treated as correction to whole medium term down trend only. Sustained trading below 1.0147 support will be another signal that such correction has completed. Further break of 0.9995 support will confirm this case and turn short term outlook bearish for 0.9634 low. However, strong rebound from 0.9995/1.0147 support zone, followed by break of 1.0352 resistance will argue that rebound from 0.9634 is not completed yet and will put focus back to 1.0623 resistance.

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