USD/CHF Daily Outlook

Daily Pivots: (S1) 1.1231; (P) 1.1355; (R1) 1.1514; More

USD/CHF's rebound from 1.1208 extends further to as high as 1.1538 today. Break of 1.1433 resistance with 4 hours MACD crossed above signal line indicates that correction from 1.1746 might have completed. Intraday bias is flipped back to the upside for retesting 1.1746 first. On the downside, below 1.1355 minor support will indicate that fall from 1.1746 is probably still in progress and will put focus back to trendline support at 1.1089.

In the bigger picture, while a short term top is in place, there is no confirmation of a medium term reversal yet as long as the mentioned rising trend line support (1.0010, 1.0693, now at 1.1089) holds. Medium term rise from 0.9634 is still expected to extend further to 1.1878 (61.8% retracement of 1.3283 to 0.9634 at 1.1889) after completing the current correction. However, sustained break of the trend line support will argue that the medium term rise might have finished and will turn focus back to 1.0693 support.

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