USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 1.0131; (P) 1.0195; (R1) 1.0255; More

USD/CHF continues to press 1.0250 resistance and at this moment, intraday bias is still on the upside as long as 1.0134 minor support holds. As discussed before, break of 1.0250 resistance indicates that fall from 1.0352 has completed. It also argues that whole fall from 1.0623 has completed too. Further break of 1.0352 resistance will confirm this case and bring strong rise to retest 1.0623 high. On the downside, though, below 1.0134 minor support will flip intraday bias back to the downside for testing 1.0010 low.

In the bigger picture, a medium term bottom is in place at 0.9634. Subsequent rally from there is still treated as correction to whole medium term down trend only. Sustained trading below 1.0147 support is taken as another signal that such correction has completed. Further break of 0.9995 support will confirm this case and turn short term outlook bearish for 0.9634 low. However, strong rebound from 0.9995/1.0147 support zone, followed by break of 1.0352 resistance will argue that rebound from 0.9634 is not completed yet and will put focus back to 1.0623 resistance.

Subscribe to our daily and mid-day newsletter to get this report delivered to your mail box