USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9287; (P) 0.9322; (R1) 0.9343; More….

Outlook in USD/CHF remains unchanged and intraday bias remains neutral. On the downside, below 0.9293 will extend the pull back from 0.9459 to 55 day EMA (now at 0.9255). On the upside, above 0.9381 minor resistance will flip bias back to the upside. Firm break of 0.9471 will resume the rise from 0.8756 to 61.8% projection of 0.8756 to 0.9471 from 0.9090 at 0.9532.

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.

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