USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9881; (P) 0.9911; (R1) 0.9956; More

Break of 0.9946 suggests resumption of rebound from 0.9659. Intraday bias is back on the upside for 0.9975 key resistance. Decisive break there 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. 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.

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