USD/CHF’s strong rise last week suggest that pull back from 0.9951 has completed at 0.9803. More importantly, rise from 0.9695 is ready to resume. Initial bias stays on the upside this week. Break of 0.9951 will confirm and target 1.0014 resistance next. On the downside, break of 0.9874 minor support will turn bias back to the downside for 0.9803 support and below.

In the bigger picture, up trend from 0.9186 (2018 low) should have completed at 1.0237 already. Deeper decline would be seen to 61.8% retracement of 0.9186 to 1.0237 at 0.9587 and below. For now, USD/CHF is seen as in long term range pattern between 0.9186 and 1.0342. Hence, we’d pay attention to bottoming signal below 0.9587. However, sustained break of 1.0014 will revive medium term bullishness and turn focus back to 1.0237 high.

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.

USD/CHF dived to as low as 0.9376 last week as fall form 0.9901 extended. But subsequent rebound suggests short term bottoming. Initial bias is mildly on the upside this week for 55 day EMA (now at 0.9651). Sustained break there would pave the way to 0.9901 resistance. On the downside, break of 0.9376 will resume the fall from 0.9901 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.

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.

Daily Pivots: (S1) 0.9914; (P) 0.9945; (R1) 0.9978; More…

Intraday bias in USD/CHF remains on the upside with 0.9911 minor support intact. Consolidation pattern from 1.0027 could have completed at 0.9851. Further rise should be seen for retesting 1.0027 first. Break will resume whole rise from 0.9659. On the downside, though, below 0.9911 minor support will turn intraday bias neutral again. But further rally is in favor as long as 0.9851 support holds.

In the bigger picture, medium term outlook remains neutral as USD/CHF is staying in range of 0.9659/1.0237. In any case, decisive break of 1.0237 is needed to indicate up trend resumption. Otherwise, more sideway trading would be seen with risk of another fall. Meanwhile, break of 0.9695 support will target 0.9541 support instead.

Daily Pivots: (S1) 0.9158; (P) 0.9181; (R1) 0.9213; More….

Intraday bias in USD/CHF remains neutral and outlook is unchanged. More sideway trading could be seen. Choppy rise from 0.8925 would still be in favor to extend higher as long as 0.9090 support holds. Break of 0.9341 will target 0.9372 resistance and then 0.9471. On the downside, however, break of 0.9090 will bring deeper fall back to 0.8925 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 the trend has already reversed and rebound the rally from 0.8756 with another impulsive move.

Daily Pivots: (S1) 0.8665; (P) 0.8689; (R1) 0.8726; More….

Intraday bias in USD/CHF remains neutral as consolidation from 0.8629 is in progress. Outlook remains bearish with 0.8819 resistance intact. On the downside, break of 0.8629 will resume larger fall from 0.9243 to retest 0.8551 key support next. On the upside, however, firm break of 0.8819 will turn bias back to the upside for stronger rebound.

In the bigger picture, price actions from 0.8551 are currently seen as a corrective pattern to the decline from 1.0146 (2022 high). Fall from 0.9243 is seen as the second leg for now. Strong support should be seen 0.8551 to bring rebound. Meanwhile, break of 0.9111 resistance will argue that the third leg has started already, and target 0.9243.

Daily Pivots: (S1) 0.9764; (P) 0.9780; (R1) 0.9802; More…

Intraday bias in USD/CHF is turned neutral with 4 hour MACD crossed below signal line. On the downside, break of 0.9686 minor resistance will suggest completion of rebound from 0.9502. Correction from 0.9901 should have then started the third leg. Intraday bias will be turned back to the downside for 61.8% retracement of 0.9181 to 0.9901 at 0.9456 again. On the upside, above 0.9797 will target 0.9901 high 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). Further rise could be seen to retest 1.0237 high. After all, medium term range trading will likely continue between 0.9181/1.0237 for some time.

Daily Pivots: (S1) 0.8679; (P) 0.8729; (R1) 0.8768; More….

USD/CHF’s break of 0.8722 minor support argues that recovery from 0.8665 has completed at 0.8819 already. Intraday bias is back on the downside. Firm break of 0.8665 will resume the whole fall from 0.9243 to 0.8551 key support level. On the upside, break of 0.8819 resistance is needed to indicate short term bottom. Otherwise, risk will stay on the downside in case of recovery.

In the bigger picture, price actions from 0.8551 are currently seen as part of a corrective pattern to the decline from 1.0146 (2022 high). Fall from 0.9243 is seen as the second leg for now. Deeper decline could be seen to 0.8551 low but strong support should be seen there to bring rebound. Meanwhile, break of 0.9111 resistance will argue that the third leg has started already, and target 0.9243 and above.

Daily Pivots: (S1) 0.9961; (P) 0.9981; (R1) 0.9994; More…

Intraday bias in USD/CHF remains neutral as consolidation from 1.0056 continues. Deeper pull back could be seen. But we’d expect strong support from trend line (now at 0.9807) to contain downside to bring rebound. On the upside, firm break of 1.0056 will confirm rise resumption for 1.0342 key resistance.

In the bigger picture, medium term decline from 1.0342 has completed with three waves down to 0.9186. Rise from there is currently viewed as a leg inside the long term range pattern. Hence, while further rally would be seen, we’d be cautious on strong resistance from 1.0342 to limit upside. For now, further rise is expected as long as 38.2% retracement of 0.9186 to 1.0056 at 0.9724 holds.

Daily Pivots: (S1) 1.0058; (P) 1.0077; (R1) 1.0110; More…..

USD/CHF is bounded in consolidation below 1.0140 temporary top and intraday bias stays neutral first. With 0.9966 support intact, further rise is in favor. Above 1.0140 will turn bias to the upside and target a test on 1.0342 resistance. Based on neutral medium term outlook, we’d be cautious on topping at around 1.0342. Meanwhile, break of 0.9966 will indicate completion of the rebound from 0.9860. And intraday bias will be turned back to the downside for 0.9860.

In the bigger picture, prior rejection from 1.0327 resistance argues that USD/CHF is staying in a medium term sideway pattern. In any case, decisive break of 1.0342 resistance is needed to confirm underlying strength. Otherwise, we’ll stay neutral in the pair first. In case of another fall, we’d expect strong support from 0.9443/9548 support zone. Meanwhile firm break of 1.0342 will target 38.2% retracement of 1.8305 to 0.7065 at 1.1359.

Daily Pivots: (S1) 0.8783; (P) 0.8806; (R1) 0.8846; More….

Range trading continues in USD/CHF and intraday bias stays neutral. On the upside, decisive break of 0.8818/26 resistance zone will carry larger bullish implication, and target 0.9146 cluster resistance next. However, break of 0.8688 support will indicate rejection by 0.8818, and turn bias back to the downside for retesting 0.8551 low.

In the bigger picture, a medium term bottom could be in place at 0.8551 already, on bullish convergence condition in D MACD. Sustained trading above 0.8818 support turned resistance will bring further rise to 0.9146 cluster resistance (38.2% retracement of 1.0146 to 0.8551 at 0.9160), even as a correction. Nevertheless, break of 0.8851 will resume the down trend from 1.0146 instead.

Daily Pivots: (S1) 0.9882; (P) 0.9911; (R1) 0.9959; More…

No change in USD/CHF’s outlook and intraday bias remains neutral first. On the upside, break of 1.0008 resistance will indicate that pull back from 1.0128 has completed. Intraday bias would be turned back to the upside for retesting 1.0128 first. On the downside, below 0.9862 will target 0.9848 support first. Sustained break there will confirm near term reversal and target 61.8% retracement of 0.9541 to 1.0128 at 0.9765 and below.

In the bigger picture, rise from 0.9541 could have topped at 1.0128. But as long as 0.9541 support holds, we’d still expect rise from 0.9186 to resume at a later stage. Break of 1.0128 will target 1.0342 key resistance. However, break of 0.9514 will pave the way back to 0.9186 low.

Daily Pivots: (S1) 0.9333; (P) 0.9401; (R1) 0.9437; More…

Intraday bias in USD/CHF stays neutral first as range trading continues. Near term outlook will remain bearish as long as 0.9597 resistance holds, in case of another recovery. On the downside, firm break of 0.9355 will resume the decline from 1.0146 to 0.9287 fibonacci level.

In the bigger picture, rise from 0.8756 (2021 low) has completed at 1.0146, well ahead of 1.0342 long term resistance (2016 high). Based on current downside momentum, fall from 1.0146 might be a medium term down trend itself. Break of 61.8% retracement of 0.8756 to 1.0146 at 0.9287 will pave the way to 0.8756. In any case, risk will stay on the downside as long as 55 day EMA (now at 0.9726) holds.

Daily Pivots: (S1) 0.9042; (P) 0.9071; (R1) 0.9087; More….

No change in USD/CHF’s outlook and intraday bias stays neutral. Further decline is in favor as long as 55 4H EMA (now at 0.9088) holds. On the downside, break of 0.9005 and sustained trading below 55 D EMA (now at 0.9004) will bring deeper fall to 38.2% retracement of 0.8332 to 0.9223 at 0.8883. However, firm break of 55 4H EMA will suggest that the pull back has completed, and bring stronger rebound to retest 0.9223 high.

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.

Daily Pivots: (S1) 0.9699; (P) 0.9724; (R1) 0.9766; More…

USD/CHF’s break of 0.9731 resistance now suggests that consolidation pattern from 1.0063 has completed with three waves down to 0.9493. Intraday bias is back on the upside for retest 1.0063 high. Firm break there will resume larger up trend. On the downside, below 0.9670 minor support will dampen the bullish view 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.

Daily Pivots: (S1) 0.9048; (P) 0.9071; (R1) 0.9112; More….

Intraday bias in USD/CHF remains neutral at this point. Some more consolidations could be seen above 0.8984. But outlook remains bearish with 0.9163 resistance intact and further decline is expected. On the downside, break of 0.8984 will resume the fall from 0.9471 to retest 0.8756 low. Nevertheless, firm break of 0.9163 will turn bias back to the upside for stronger rebound.

In the bigger picture, rejection by 61.8% retracement of 0.9901 to 0.8756 at 0.9464 argues that rebound from 0.8756 was probably just a corrective move. That is, larger down trend from 1.0237 might be still in progress. Medium term bearish is also affirmed as the pair is now far below falling 55 week EMA. Firm break of 0.8756 low will target 61.8% projection of 1.0237 to 0.8756 from 0.9471 at 0.8556 next.

Daily Pivots: (S1) 0.9203; (P) 0.9229; (R1) 0.9262; More….

Range trading continues in USD/CHF and intraday bias remains neutral for the moment. On the downside, below 0.9156 will target 0.9084 support. Firm break there should confirm that choppy rise from 0.8925 has completed, and suggests that fall from 0.9471 is resuming. Deeper decline would be seen through 0.8925. On the upside, break of 0.9293 will suggest that the pull back from 0.9372 is finished. Intraday bias will be turned back to the upside for 0.9372.

In the bigger picture, the corrective structure of the rebound from 0.8925 argues that fall from 0.9471 is not complete yet. It could either be the second leg of pattern from 0.8756 (2021 low), or resuming larger down trend from 1.0237 (2018 high). We’d pay attention to the downside momentum and assess the odds later. But for now, medium term outlook will be neutral at best as long as 0.9471 resistance holds.

Daily Pivots: (S1) 0.9240; (P) 0.9266; (R1) 0.9281; More….

Intraday bias in USD/CHF stays neutral at this point. On the upside, above 0.9328 will resume the rally from 0.9084 for 0.9367 resistance. On the downside, below 0.9236 minor support will turn intraday bias back to the downside for 0.9084 instead.

In the bigger picture, the corrective structure of the rebound from 0.8925 argues that fall from 0.9471 is not complete yet. It could either be the second leg of pattern from 0.8756 (2021 low), or resuming larger down trend from 1.0237 (2018 high). We’d pay attention to the downside momentum and assess the odds later. But for now, medium term outlook will be neutral at best as long as 0.9471 resistance holds.

Daily Pivots: (S1) 0.9901; (P) 0.9959; (R1) 0.9997; More….

USD/CHF’s consolidation from 1.0037 is still in progress and drips lower. Intraday bias remains neutral at this point. As noted before, downside should be contained above 0.9835 resistance turned support and bring rally resumption. On the upside break of 1.0037 will resume whole rally from 0.9420. And with sustained trading above 61.8% retracement of 1.0342 to 0.9420 at 0.9990, USD/CHF should then target a test on 1.0342 key resistance.

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 is a medium term up move and should 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) 0.8818; (P) 0.8836; (R1) 0.8852; More….

Intraday bias in USD/CHF stays mildly on the upside at this point. Consolidation from 0.8884 should have completed with three waves to 0.8728. Further rally should be seen to retest 0.8891 resistance first. Firm break there will resume whole rally from 0.8332. Next target is 61.8% projection of 0.8550 to 0.8884 from 0.8728 at 0.8934. For now, this will remain the favored case as long as 0.8728 support holds, in case of retreat.

In the bigger picture, price actions from 0.8332 medium term bottom as seen as developing into a corrective pattern to the down trend from 1.0146 (2022 high). Further rise would be seen as long as 0.8555 support holds. But upside should be limited by 0.9243 resistance, at least on first attempt.

USD/CHF’s strong rebound and decisive break of the near term falling channel suggests that corrective pull back from 1.0128 has completed at 0.9716 already. Initial bias remains on the upside this week. Firm break of 0.9963 will confirm this bullish case and target retesting 1.0128 high. Also, in case of retreat, break of 0.9856 is needed to confirm completion of the rebound. Otherwise, further rise will remain in favor.

In the bigger picture, USD/CHF drew strong support from medium term trend line and rebounded. That suggests rise from 0.9186 is still in progress. Break of 0.9963 will affirm this bullish case. Further break of 1.0128 will confirm up trend resumption and target 1.0342 key resistance. Nevertheless, break of 0.9716 will dampen this bullish view and at least bring deeper fall to 0.9541 key support.

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.