Action Insight Archives |
Written by ActionForex.com |
Apr 13 12 13:44 GMT
USD/CHF Mid-Day Outlook
Daily Pivots: (S1) 0.9075; (P) 0.9127; (R1) 0.9162; More....
Intraday bias in USD/CHF remains neutral for the moment. On the upside, above 0.9222 will resume the rebound from 0.9001 towards 0.9334. Break there will confirm the choppy fall from 0.9594 is finished at 0.8930 and suggest the larger rally from 0.7065 is resuming. On the downside, though, below 0.9091 will flip bias back to the downside for 0.9001 and break will target 0.8930 low next.
In the bigger picture, we're treating rebound from 0.7065 medium term bottom as part of a consolidation pattern. Such rise could still extend higher but strong resistance should be seen at 0.9916 (61.8% retracement of 1.1730 to 0.7065 at 0.9948) to limit upside and bring reversal. On the downside, below 0.8930 will indicate that such rebound has likely finished at 0.9594 and should send USD/CHF through 0.8567 support instead.
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