Wed, Feb 01, 2023 @ 18:12 GMT

USD/CHF Daily Outlook

Daily Pivots: (S1) 0.9333; (P) 0.9401; (R1) 0.9437; More

Intraday bias in USD/CHF stays neutral first as range trading continues. Near term outlook will remain bearish as long as 0.9597 resistance holds, in case of another recovery. On the downside, firm break of 0.9355 will resume the decline from 1.0146 to 0.9287 fibonacci level.

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 0.9726) holds.

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