USD/CHF Daily Outlook

Daily Pivots: (S1) 0.9312; (P) 0.9386; (R1) 0.9422; More.

USD/CHF's fall is still in progress and met mentioned target of 100% projection of 1.2296 to 0.9916 from 1.1729 at 0.9349. Intraday bias remains on the downside and further decline would no be seen towards 0.9 psychological level next, which is close to a key long term projection target. On the upside, 0.9437 minor resistance will turn intraday bias neutral and bring consolidations. But outlook will remain bearish as long as 0.9663 resistance holds.

In the bigger picture, the long term down trend is still expected to continue towards 61.8% projection of 1.8305 to 1.1288 from 1.3283 at 0.8946, which is close to 0.9 psychological level. On the upside, break of 1.0065 resistance is needed to be the first signal to indicate reversal. Otherwise, outlook will remain bearish.

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