USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9511; (P) 0.9536; (R1) 0.9560; More

USD/CHF’s decline resumed by breaking through 0.9468 and intraday bias is back on the downside. Prior rejection by 55 day EMA is a bearish sign. Strong break of 0.9471 support turned resistance also raises the chance of medium term reversal. Intraday bias is now on the downside. Break 61.8% projection of 0.9884 to 0.9468 from 0.9648 at 0.9391 will pave the way to 100% projection at 0.9232. On the upside, above 0.9509 minor resistance will mix up the outlook and turn intraday bias neutral first.

In the bigger picture, break of 0.9471 support turned resistance argues that medium term up trend from 0.8756 has completed with three waves up to 1.0063. Long term sideway pattern might have started another falling leg. Deeper decline would now be in favor as long as 0.9648 resistance holds, to 0.9149 structural support. Sustained break there could pave the way back to 0.8756.

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