USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9389; (P) 0.9411; (R1) 0.9429; More...

USD/CHF recovers today but upside is still limited below 0.9462 temporary top. Intraday bias remains neutral for more consolidations. In case of another fall, downside should be contained above 0.9279 support and bring another rally. Rise from 0.9021 is viewed as the second leg of the consolidation pattern from 0.9971 and would likely extend to 61.8% retracement of 0.9971 to 0.9021 at 0.9608 and above.

In the bigger picture, medium term rebound from 0.7065 is viewed as a corrective move and should have completed after hitting 0.9916 resistance (61.8% retracement of 1.1730 to 0.7065 at 0.9948). Current development suggests that price action from there are developing into a sideway pattern. Retest of 0.9971 could be seen but we won't turn bullish until sustained break there. Otherwise, we're prefer at least one more fall before pattern from 0.9971 completes.

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