Wed, Dec 07, 2022 @ 12:58 GMT

USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9381; (P) 0.9457; (R1) 0.9502; More

Intraday bias in USD/CHF stays on the downside for 0.9355 support. Break there will resume the decline from 1.0146 to 0.9287 fibonacci level. Near term outlook stays bearish with 0.9680 minor resistance intact, in case of another recovery.

In the bigger picture, rise from 0.8756 (2021 low) has completed at 1.0146, well ahead of 1.0342 long term resistance (2016 high). Based on current downside momentum, fall from 1.0146 might be a medium term down trend itself. Break of 61.8% retracement of 0.8756 to 1.0146 at 0.9287 will pave the way to 0.8756. In any case, risk will stay on the downside as long as 55 day EMA (now at 0.9767) holds.

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