USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 1.0309; (P) 1.0354; (R1) 1.0421; More

Outlook in USD/CHF remains unchanged. Intraday bias remains on the upside as long as 1.0288 minor support holds. Prior break of 1.0352 resistance confirms that fall from 1.0539 has completed with bullish convergence in 4 hours MACD and RSI at 1.0010. Further rally should now be seen towards 1.0539 resistance first. On the downside, below 1.0288 will turn intraday outlook neutral first. But pull back should be contained above 1.0134 support and bring another rise.

In the bigger picture, with 0.9995 support remains intact, there is no confirmation of completion of medium term rebound from 0.9634 yet. Also, so far, the choppy decline from 1.0623 is looking corrective and argues that it's merely a correction to such medium term rebound. Outlook is mixed with conflicting technical signals. Though, on the upside, above 1.0352 will be the first indication that fall from 1.0623 has completed and affirms it's corrective nature. In such case, stronger rise should then be seen to test this 1.0623 high first. On the other hand, with daily MACD still in negative zone, break of 0.9995 support will confirm that rebound from 0.9634 has completed and turn short term outlook bearish for 0.9634 low.

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