USDCHF Outlook |
Written by ActionForex.com |
Sep 19 13 13:00 GMT
USD/CHF Mid-Day Outlook
Daily Pivots: (S1) 0.9247; (P) 0.9262; (R1) 0.9274; More...
Intraday bias in USD/CHF remains on the downside and further fall would be seen to 0.9021 support. On the upside, above 0.9228 minor resistance will turn bias neutral and bring recovery. But near term outlook will stay bearish as long as 0.9455 resistance holds.
In the bigger picture, medium term rebound from 0.7065 should have completed after hitting 0.9916 resistance (61.8% retracement of 1.1730 to 0.7065 at 0.9948). Price actions from 0.9971 are developing into a sideway pattern. In case of deeper fall, we'd expect strong support from 38.2% retracement of 0.7065 to 0.9971 at 0.8861 to contain downside and bring rebound. Break of 0.9971 will resume whole up trend form 0.7065 and target 1.1730 resistance next.
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