USD/CHF Daily Outlook

Daily Pivots: (S1) 1.0648; (P) 1.0721; (R1) 1.0796; More.

At this point, intraday bias in USD/CHF remains on the upside with 1.0694 minor support intact. Current rise from 1.0131 is still expected to continue towards medium term trend line resistance at 1.0921 next. On the downside, below 1.0694 minor support will turn intraday bias neutral and bring consolidation. But downside should be contained by 1.0497 support and bring rally resumption.

In the bigger picture, medium term correction from 1.2296 should have completed with three waves down to 0.9916 already. Current rise from 0.9916 is tentatively treated as resumption of the long term up trend from 2008 low of 0.9634. Sustained break of mentioned medium term trend line resistance (now at 1.0921) will further affirm this case and should target 161.8% projection of 0.9916 to 1.0506 from 1.0131 at 1.1086 next. On the downside, break of 1.0131 support is needed to invalidate this view. Otherwise, another rise is still expected even in case of deep pullback.

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