USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9087; (P) 0.9117; (R1) 0.9153; More....

No change in USD/CHF's outlook. With 0.9206 minor resistance intact, another fall remains mildly in favor. Break of 0.9065 support will affirm the case that rebound from 0.7065 is finished at 0.9594 on bearish divergence condition in daily MACD. In such case, deeper fall should be seen to 0.8567 support for confirmation. On the upside, above 0.9206 will flip bias back to the upside. Further break of 0.9300 will dampen this bearish view and bring stronger rebound instead.

In the bigger picture,we're treating rebound from 0.7065 medium term bottom as part of a consolidation pattern only. Below 0.8567 support will indicate such rebound is finished and bring retest of 0.7065 low. Above 0.9594 will bring another rise. But after all, 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. The long term down trend is expected to resume later after consolidation from 0.7065 completes.

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