USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 1.1132; (P) 1.1192; (R1) 1.1249; More

Intraday outlook in USD/CHF remains neutral for the moment as the pair is still bounded in tight range below 1.1277. Some more consolidation could be seen with risk of another pull back. Nevertheless, rise from 1.0366 is still in progress as long as 1.0864 support holds and above 1.1277 will bring further rally to 61.8% retracement of 1.2296 to 1.0366 at 1.1559. Though upside is expected to be limited there to break resumption of whole fall from 1.2296. On the downside, below 1.0864 will flip intraday bias back to the downside again for retesting 1.0366 low

In the bigger picture, the five wave structure of the decline from 1.2296 to 1.0366 is arguing that whole medium term rebound from 0.9634 has completed already. While a short term bottom is in place at 1.0366, rebound from there should be limited by 61.8% retracement of 1.2296 to 1.0366 at 1.1559 and bring fall resumption. Below 1.0366 will target 1.0010 first and then 0.9634 low. Sustained trading above 1.1559 fibo resistance is needed to invalidate the bearish case and put focus back to 1.2296 high.

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