USDCHF Outlook |
Written by ActionForex.com |
Apr 14 12 08:33 GMT
USD/CHF Weekly Outlook
USD/CHF's pull back from 0.9222 was deeper than expected and mixed up the outlook for a while. But the strong rebound form 0.9091 clear the picture on Friday. Rise from 0.9001 should still be in progress and initial bias is on the upside for 0.9222. Break will confirm resumption for 100% projection at 0.9312 which is close to 0.9334. Break there will confirm resumption of rise from 0.8930 and affirm the case that whole rally from 0.7065 is still in progress for another high above 0.9594. This will now remain the favored case as long as 0.9091 minor support holds.
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.
In the longer term picture, long term down trend from 2000 high of 1.8305 is still in progress and there is no indication of a reversal yet. Such down trend would extend to 100% projection of 1.8305 to 1.1288 from 1.3283 at 0.6266 after finishing the consolidation from 0.7065.
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