Sat, Jan 16, 2021 @ 17:59 GMT
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USD/CHF Daily Outlook

Daily Pivots: (S1) 0.8966; (P) 0.9028; (R1) 0.9062; More….

Focus is now immediately on 0.8982 support in USD/CHF. Decisive break there will confirm down trend resumption and target 61.8% projection of 0.9901 to 0.8998 from 0.9304 at 0.8746. On the upside, break of 0.9093 resistance, however, will turn bias to the upside and extend the consolidation from 0.8982 with another rising leg.

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 0.9304 resistance will be an early sign of trend reversal and turn focus back to 0.9901 key resistance for confirmation.

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