USD/CHF Daily Outlook

Daily Pivots: (S1) 1.2137; (P) 1.2209; (R1) 1.2318; More

USD/CHF's rally extends to as high as 1.2296, meeting mentioned 100% projection of 1.0693 to 1.1746 from 1.1208 at 1.2261. At this point, intraday bias remains on the upside as long as 1.2097 minor support holds. Sustained trading above 1.2261 will set the stage for further rise to next target of 161.8% projection at 1.2912. On the downside, below 1.2097 will turn intraday outlook neutral first and bring pull back. But short term outlook will remain bullish as long as 1.1802 support holds.

In the bigger picture, medium term rise from 0.9634 is still in progress and has taken out 1.1878 (61.8% retracement of 1.3283 to 0.9634 at 1.1889). Sustained trading above there now encourages further medium term rally to test 1.3283 high. On the downside, break of 1.1208 support is needed to indicate that such medium term rally has completed. Otherwise, medium term outlook will remain bullish even in case of deep pull back.

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