Wed, Feb 01, 2023 @ 20:04 GMT

USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9159; (P) 0.9221; (R1) 0.9276; More

With 0.9261 minor resistance intact, intraday bias in USD/CHF stays mildly on the downside. Current decline from 1.0146 should target 100% projection of 0.9545 to 0.9199 from 0.9407 at 0.9061 next. On the upside, above 0.9261 minor resistance will turn intraday bias neutral first. But outlook will remain bearish as long as 0.9407 resistance holds, 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 should be a medium term down trend itself. Next target is a test on 0.8756 low. Strong support should be seen there to bring rebound. Still, further decline will now be expected as long as 0.9407 resistance holds, in any case.

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