Wed, Feb 01, 2023 @ 18:23 GMT

USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9198; (P) 0.9225; (R1) 0.9254; More

USD/CHF’s rebound from 0.9165 extends higher today but stays well below 0.9407 resistance. Intraday bias remains neutral and further decline is still in favor. On the downside, break of 0.9165 will resume the decline from 1.0146, to 100% projection of 0.9545 to 0.9199 from 0.9407 at 0.9061 next. However, firm break of 0.9407 will turn bias back to the upside for strong rebound.

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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