USD/CHF Daily Outlook

Daily Pivots: (S1) 1.0347; (P) 1.0375; (R1) 1.0400; More

USD/CHF's retreat from 1.0403, with 4 hours MACD dragged below signal line, indicates that an intraday top is in place. Intraday outlook is turned neutral with bias mildly on the downside for further retreat, probably to 4 hours 55 EMA (now at 1.0267). Nevertheless, pull back should be contained above 1.0134 support and bring another rise. Above 1.0403 will indicate rise from 1.0010 has resumed for 1.0539 resistance.

In the bigger picture, with 0.9995 support remains intact, there is no confirmation of completion of medium term rebound from 0.9634 yet. Also, so far, the choppy decline from 1.0623 is looking corrective and argues that it's merely a correction to such medium term rebound. Outlook is mixed with conflicting technical signals. Though, on the upside, above 1.0352 is the first indication that fall from 1.0623 has completed and affirms it's corrective nature. In such case, stronger rise should then be seen to test this 1.0623 high first. On the other hand, with daily MACD still in negative zone, break of 0.9995 support will confirm that rebound from 0.9634 has completed and turn short term outlook bearish for 0.9634 low.

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