USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 1.0516; (P) 1.0652; (R1) 1.0727; More.

Note that another fall remains in favor with 1.0814 minor resistance intact. Sustained trading below 61.8% retracement of 0.9916 to 1.1729 at 1.0609 will target 1.0434 key support level. On the upside, above 1.0814 minor resistance will indicate that a temporary low is formed and bring recovery.

In the bigger picture, current decline from 1.1729 is treated as a correction to medium term rise from 0.9919. Strong support is expected in 1.0434/0897 support zone to conclude the correction and bring up trend resumption for a test on 1.1963/2296 resistance zone first. However, break of 1.0434 support will invalidate our view and target 0.9916 low again.