Daily Pivots: (S1) 0.9252; (P) 0.9270; (R1) 0.9300; More….

USD/CHF is still bounded in range trading below 0.9367 and intraday bias remains neutral. As long as 0.9214 support holds, further rally is in favor. On the upside, break of 0.9367 will resume the rise from 0.8925 to 0.9471 key resistance next. On the downside, however, break of 0.9214 will turn bias back to the downside for 0.9017 support again.

In the bigger picture, the strong rally above 55 week EMA (now at 0.9188) now tilts favor to the case of bullish trend reversal. That is, decline from 1.3042 (2016 high) is probably completed at 0.8756 already. Sustained break of 0.9471 resistance should confirm this case and pave the way to retest 1.0342 ahead. However, rejection by 0.9471 will mix up the outlook again and retain some medium term bearishness.

Daily Pivots: (S1) 0.8996; (P) 0.9026; (R1) 0.9049; More….

Intraday bias in USD/CHF is turned neutral first with current recovery. On the upside, above 0.9081 will argue that pull back from 0.9243 has completed at 0.8985, just ahead of 38.2% retracement of 0.8551 to 0.9243 at 0.8979. Intraday bias will be turned back to the upside for retesting 0.9243 high. Nevertheless, sustained break of 0.8979 will argue that deeper fall is under way to 61.8% retracement at 0.8815.

In the bigger picture, current development indicates that rise from 0.8551 is reversing whole down trend from 1.0146. Further rally would then be seen to 61.8% retracement at 0.9537 and above. For now, this will be the favored case as long as 55 D EMA (now at 0.8971) holds, even in case of deep pullback.

Daily Pivots: (S1) 0.9450; (P) 0.9489; (R1) 0.9512; More…

USD/CHF’s break of 0.9463 minor support suggests that corrective rebound form 0.9376 has completed. Intraday bias is back on the downside for retesting 0.9376 first. Firm break there will resume whole decline from 0.9901. Next downside target will be 100% projection of 0.9901 to 0.9502 from 0.9736 at 0.9337. On the upside, break of 0.9554 will turn bias back to the upside to resume the rebound instead.

In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low). It could have completed at 0.9181 after hitting 0.9186 key support (2018 low). Break of 0.9901 will extend the rebound form 0.9181 through 1.0023 resistance. After all, medium term range trading will likely continue between 0.9181/1.0237 for some more time.

Daily Pivots: (S1) 0.9913; (P) 0.9972; (R1) 1.0005; More…

Intraday bias in USD/CHF stays neutral at this point, as consolidation from 1.0146 is extending. Deeper retreat cannot be ruled out, but downside should be contained above 0.9799 support. On the upside, break of 1.0146 will resume larger up trend to 1.0283 projection level.

In the bigger picture, current development suggests that up trend from 0.8756 (2021 low) is still in progress. Sustained break of 1.0063 will target 100% projection of 0.9149 to 1.0063 from 0.9369 at 1.0283, and then 1.0342 (2016 high). For now, this will remain the favored case as long as 0.9779 support holds, even in case of deep pull back.

Daily Pivots: (S1) 0.9861; (P) 0.9886; (R1) 0.9934; More….

Intraday bias in USD/CHF remains on the upside for the moment. As noted before, medium term fall from 1.0342 should have completed at 0.9420 already. Current rally should target 61.8% retracement of 1.0342 to 0.9420 at 0.9990. Sustained break there will pave the way to retest 1.0342 high. On the downside, below 0.9837 minor support will turn bias neutral and bring consolidation. But outlook will remain bullish as long as 0.9736 support holds.

In the bigger picture, current development suggests that USD/CHF has defended 0.9443 (2016 low) key support level again. Rise from 0.9420 could develop into a medium term move and target a test on 1.0342 high. This represents the upper end of a long term range that started back in 2015. On the downside, break of 0.9587 support is now needed to indicate completion of the rise from 0.9420. Otherwise, further rally will remain in favor in medium term.

Daily Pivots: (S1) 1.0076; (P) 1.0094; (R1) 1.0124; More…

USD/CHF’s rally is still in progress and intraday bias remains on the upside for 1.0124/8 resistance. We’d be cautious on strong resistance from there to limit upside. Though, decisive break of 1.0124/8 will confirm larger up trend resumption. USD/CHF should target 1.0342 next. On the downside, break of 1.0046 will turn bias to the downside to extend recent sideway trading instead.

In the bigger picture, loss of upside momentum is seen is bearish divergence in daily MACD. But there is no clear sign of bearish reversal in USD/CHF yet. Rise fro 0.9186 is likely still in progress. Decisive break of 1.0128 resistance will resume this medium term rally to 1.0342 resistance next. This will remain the preferred case now, as long as 0.9716 support holds.

Daily Pivots: (S1) 0.9968; (P) 1.0010; (R1) 1.0067; More…

USD/CHF recovers quickly after dipping to 0.9952 and intraday bias is turned neutral again. The consolidation pattern from 1.0094 might extend. And break of 0.9952 would target 38.2% retracement of 0.9541 to 1.0094 at 0.9883. We’d expect strong support from there to contain downside to bring rebound. Rise from 0.9541 is still in favor to resume. Break of 1.0094 will target 1.0342 key resistance next. However, decisive break of 0.9848 support will indicate reversal and turn outlook bearish.

In the bigger picture, the pullback from 1.0067 has completed at 0.9541 already. And rise from 0.9186 is likely resuming. Firm break of 1.0067 will pave the way to retest 1.0342 key resistance. We’d be cautious on strong resistance from there to limit upside to bring another medium term fall to extend long term range trading. However, firm break of 0.9848 near term support will dampen this view and bring deeper decline back to 0.9541 support and possibly below.

Daily Pivots: (S1) 0.9909; (P) 0.9944; (R1) 1.0012; More….

USD/CHF rally continues today and reaches as high as 0.9995 so far. 61.8% retracement of 1.0342 to 0.9420 at 0.9990 is already met. Intraday bias remains on the upside and sustained break of 0.9990 will pave the way to retest 1.0342 high. On the downside, below 0.9939 minor support will turn intraday bias neutral first. But outlook will remain bullish as long as 0.9736 support holds.

In the bigger picture, current development suggests that USD/CHF has defended 0.9443 (2016 low) key support level again. Rise from 0.9420 could develop into a medium term move and target a test on 1.0342 high. This represents the upper end of a long term range that started back in 2015. On the downside, break of 0.9736 support is now needed to indicate completion of the rise from 0.9420. Otherwise, further rally will remain in favor in medium term.

Daily Pivots: (S1) 0.8862; (P) 0.8886; (R1) 0.8919; More….

USD/CHF is holding on to 0.8851 temporary low for now and intraday bias stays neutral first. In case of another recovery, upside should be limited by 0.8982 support turned resistance to bring fall resumption. On the downside, break of 0.8851 will target 61.8% projection of 0.9901 to 0.8998 from 0.9304 at 0.8746 next.

In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 high). There is no clear sign of completion yet. Next target will be 138.2% projection of 1.0342 to 0.9186 from 1.0237 at 0.8639. In any case, break of 0.9304 resistance is needed to signal medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.

Daily Pivots: (S1) 0.9007; (P) 0.9030; (R1) 0.9061; More…

USD/CHF’s break of 0.9009 suggests decline resumption. Intraday bias is turned back to the downside for 100% projection of 1.0237 to 0.9181 from 0.9901 at 0.8845. On the upside, break of 0.9161 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low), which is still extending. Sustained trading below 100% projection of 1.0342 to 0.9186 from 1.0237 at 0.9081 will pave the way to 138.2% projection at 0.8639. On the upside, break of 0.9376 resistance is needed to be the first sign of medium term bottoming.

USD/CHF’s fall from 0.9304 extended lower last week after brief recovery. The development further affirm the case that corrective rebound from 0.8998 has completed at 0.9304 already. Initial bias stays on the downside for retesting 0.8998 low first. Break there will resume larger down trend for 61.8% projection of 0.9901 to 0.8998 from 0.9304 at 0.8746 next. On the upside, break of 0.9197 resistance is needed to indicate completion of the fall from 0.9304. Otherwise, outlook will remain mildly bearish in case of recovery.

In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 high). There is no clear sign of completion yet. On resumption, next target will be 138.2% projection of 1.0342 to 0.9186 from 1.0237 at 0.8639. Nevertheless, strong break of 0.9376 support turned resistance will be an early sign of trend reversal and turn focus back to 0.9901 key resistance for confirmation.

In the long term picture, price actions from 0.7065 (2011 low) are currently seen as developing into along term corrective pattern, at least until a firm break of 1.0342 resistance.

Daily Pivots: (S1) 0.9144; (P) 0.9183; (R1) 0.9206; More….

Range trading continues in USD/CHF and intraday bias remains neutral first. On the upside, break of 0.9241 resistance should resume the rise from 0.8925 through 0.9273. On the downside, break of 0.9098 will target 0.9017 support first. Further break there will likely resume the decline from 0.9471 through 0.8925 low.

In the bigger picture, USD/CHF is still struggling around 55 week EMA (now at 0.9176) and outlook is mixed for now. Confirmed rejection by the 55 week EMA will retain medium term bearishness. That is, larger fall from 1.0342 would resume through 0.8756 low at a later stage. However, sustained trading above 55 week EMA will tilt favor to the case of bullish reversal. Focus would then be turned to 0.9471 resistance for confirmation.

Daily Pivots: (S1) 0.9273; (P) 0.9294; (R1) 0.9327; More….

Intraday bias in USD/CHF remains neutral at this point. On the upside, break of 0.9374 minor resistance will suggest that the pull back from 0.9459 has completed. Support from 55 day EMA will also retain near term bullishness. Intraday bias will be back on the upside for 0.9459 first. Break will resume the rise from 0.8756 to 61.8% projection of 0.8756 to 0.9471 from 0.9090 at 0.9532. However, sustained break of 55 day EMA (now at 0.9256) will target 0.9149 support.

In the bigger picture, medium term outlook will be neutral at best as long as 0.9471 resistance holds. Larger down trend could still extend through 0.8756 (2021 low). However, firm break of 0.9471 will argue that whole down trend form 1.0342 (2016 high), has completed with waves down to 0.8756. A medium term up trend should be set up to target 1.0237/0342 resistance zone.

Daily Pivots: (S1) 0.9200; (P) 0.9255; (R1) 0.9288; More….

Focus is now immediately on 0.9374 resistance in USD/CHF, firm break there will resume larger rise from 0.8756. Next target is 61.8% retracement of 0.9901 to 0.8756 at 0.9464. Rejection by 0.9374 will bring another fall to extend the consolidation. But downside should be contained by 38.2% retracement of 0.8869 to 0.9374 at 0.9181 to bring rebound.

In the bigger picture, fall from 1.0237 should have completed at 0.8756, on bullish condition in daily and weekly MACD. Current rally from 0.8756 should target 0.9901 resistance first. Break there will target 1.0237/0342 resistance zone in the medium term. This will now remain the favored case as long as 0.9044 resistance turned support holds.

Daily Pivots: (S1) 0.9793; (P) 0.9845; (R1) 0.9925; More…

USD/CHF’s rise from 0.9543 is still in progress. Intraday bias stays on the upside for retesting 1.0063 resistance first. Firm break there will resume larger up trend. Next target is 100% projection of 0.9193 to 1.0063 from 0.9543 at 1.0413. On the downside, below 0.9764 minor support will delay the bullish case and turn intraday bias neutral first.

In the bigger picture, down trend from 1.0342 (2016 high) should have completed with three waves down to 0.8756 (2021 low) already. Rise from 0.8756 is likely a medium term up trend of its own. Next target is 1.0237/0342 resistance zone. This will remain the favored case as long as 0.9471 resistance turned support holds. However, sustained break of 0.9471 will extend long term range trading with another falling leg.

USD/CHF edged higher to 0.9983 last week but failed to sustain above 0.9975 resistance and retreated. Initial bias remains neutral this week firs, for some sideway trading. On the upside, decisive break of 0.9975 will confirm completion of fall form 1.0237. Further rally would then be seen to retest this high. On the downside, though, break of 0.9854 will turn intraday bias to the downside for 0.9659 low.

In the bigger picture, the structure of the fall from 1.0237 suggests that it’s a corrective move. Sustained break of 0.9975 will argue that such correction has completed at 0.9659, ahead of 61.8% retracement of 0.9186 to 1.0237 at 0.9587. But decisive break of 1.0237 is needed to indicate up trend resumption. Otherwise, medium term outlook will stay neutral first. Meanwhile, break of 0.9695 support will extend the correction to 0.9541 support instead.

In the long term picture, price actions from 0.7065 (2011 low) are not clearly impulsive yet. Thus, we’ll treat it as developing into a corrective pattern, at least, until a firm break of 1.0342 resistance.

Despite edging higher initial to 0.9223 last week, USD/CHF was rejected by 0.9243 key resistance and fell sharply since then. Initial bias stays on the downside this week. Sustained break of 55 D EMA (now at 0.8989) will bring deeper fall to 38.2% retracement of 0.8332 to 0.9223 at 0.8883. On the upside, above 0.9087 minor resistance will turn intraday bias again first.

In the bigger picture, price actions from 0.8332 medium term bottom are tentatively seen as developing into a corrective pattern to the down trend from 1.0146 (2022 high). Rejection by 0.9243 resistance, followed by sustained break of 38.2% retracement of 0.8332 to 0.9223 at 0.8883 will strengthen this case, and maintain medium term bearishness. However, decisive break of 0.9243 will argue that the trend has already reversed and turn medium term outlook bullish for 1.0146.

In the long term picture, price action from 0.7065 (2011 high) are seen as a corrective pattern to the multi-decade down trend from 1.8305 (2000 high). Strong rebound from 61.8% retracement of 0.7065 to 1.0342 (2016 high) will start the third leg as a medium term rally. But there will be no sign of long term reversal until firm break of 38.2% retracement of 1.8305 to 0.7065 at 1.1359.

Daily Pivots: (S1) 0.8610; (P) 0.8647; (R1) 0.8678; More….

USD/CHF is still bounded in tight range and intraday bias stays neutral. On the downside, below 0.8605 will resume the pull back from 0.8727 to 0.8487 support. Break there will argue that rebound from 0.8332 has completed, and bring retest of this low. On the upside, firm break of 0.8727 will resume the rebound to 61.8% retracement of 0.9243 to 0.8332 at 0.8995 instead.

In the bigger picture, while rebound from 0.8332 could be strong, there is no clear sign of medium term bottoming yet. This rebound is tentatively seen as a corrective move for now. Also, outlook will stay bearish as long as 0.9243 resistance holds. Larger down trend from 1.0146 (2022 high) should resume through 0.8332 low at a later stage.

Daily Pivots: (S1) 0.9712; (P) 0.9737; (R1) 0.9754; More…

Intraday bias in USD/CHF remains neutral for consolidation form 0.9646. Further decline is expected with 0.9770 resistance intact. On the downside, break of 0.9646 will extend whole fall from 1.0237 and target 100% projection of 1.0237 to 0.9659 from 1.0023 at 0.9445. Nevertheless, on the upside, break of 0.9770 will indicate short term bottoming and turn bias to the upside for 55 day EMA (now at 0.9827) instead.

In the bigger picture, medium term outlook remains neutral as USD/CHF is staying sideway trading started from 1.0342 (2016 high). Fall from 1.0237 is a leg inside the pattern and could target 0.9186 (2018 low). In case of another rise, break of 1.0237 is needed to indicate up trend resumption. Otherwise, more sideway trading would be seen with risk of another fall.

Daily Pivots: (S1) 0.9079; (P) 0.9101; (R1) 0.9115; More…

Intraday bias in USD/CHF is turned neutral with today’s recovery. Further decline is still in favor as long as 0.9197 resistance holds. Below 0.l9087 will target a test on 0.8998 low. Firm break there will resume larger down trend. Next target will be 61.8% projection of 0.9901 to 0.8998 from 0.9304 at 0.8746 next. On the upside, However, break of 0.9197 will extend the corrective pattern from 0.8998 with another rise to 0.9304 resistance and above.

In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 high). There is no clear sign of completion yet. On resumption, next target will be 138.2% projection of 1.0342 to 0.9186 from 1.0237 at 0.8639. Nevertheless, strong break of 0.9376 support turned resistance will be an early sign of trend reversal and turn focus back to 0.9901 key resistance for confirmation.