USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9194; (P) 0.9220; (R1) 0.9268; More….

Intraday bias in USD/CHF stays on the upside, as rise from 0.9090 is in progress for retesting 0.9372 resistance first. Firm break there will target 0.9471 resistance next. On the downside, below 0.9243 minor support will turn intraday bias neutral first. Overall, choppy rise from 0.8925 would still extend higher as long as 0.9090 support holds, even in case of deep retreat.

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.

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