USD/CHF Daily Outlook

Daily Pivots: (S1) 1.1709; (P) 1.1753; (R1) 1.1827; More

USD/CHF continues to press 1.1800 resistance today. As discussed before, further rally is still expected as long as 1.1546 support holds. Next target is 1.1878 cluster resistance. On the downside, however, below 1.1546 will indicate that a short term top is in place and put focus back to trend line support at 1.1173.

In the bigger picture, medium term rise from 0.9634 is still in progress and is expected to take on 1.1878 (61.8% retracement of 1.3283 to 0.9634 at 1.1889). As discussed before, sustained trading above will add strong evidence to the case of a long term reversal and encourage further medium term rally to 1.3283 high. On the downside, break of the mentioned trend line support (1.0010, 1.0693, now at 1.1173) is needed to be the first indication that such medium term rally has completed.

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