USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9163; (P) 0.9196; (R1) 0.9235; More...

With 0.9339 resistance intact, current fall in USD/CHF is expected to continue further to 0.9065 support next. Considering bearish divergence condition in daily MACD, whole rebound from 0.7065 might be finished at 0.9594 already. Break of 0.9065 will target 0.8567 key support level for confirmation. On the upside, above 0.9339 minor resistance will dampen this bearish view and bring rebound instead.

In the bigger picture,we're treating rebound from 0.7065 medium term bottom as part of a consolidation pattern only. Hence, strong resistance is expected at next cluster level at 0.9916 (61.8% retracement of 1.1730 to 0.7065 at 0.9948, 61.8% projection of 0.7065 to 0.9315 from 0.8567 at 0.9958) to limit upside and bring reversal. Meanwhile, break of 0.8567 support should mark the completion of whole rebound form 0.7065 and turn outlook bearish.

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