Thu, Jan 26, 2023 @ 21:39 GMT

USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9323; (P) 0.9352; (R1) 0.9389; More

USD/CHF’s decline from 1.0146 resumed today and intraday bias is back on the downside. Current fall should now target 61.8% projection of 1.0146 to 0.9355 from 0.9545 at 0.9056. On the upside, break of 0.9378 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of 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. Sustained 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 0.9545 resistance holds.

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