Tue, Mar 28, 2023 @ 15:39 GMT

USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9082; (P) 0.9110; (R1) 0.9161; More

Intraday bias in USD/CHF stays neutral for the moment. Strong rebound from current level, followed by 0.9287 resistance, should confirm short term bottoming, and turn bias back to the upside. On the downside, sustained break of 61.8% projection of 1.0146 to 0.9355 from 0.9545 at 0.9056 will resume the whole fall from 1.0146 to 100% projection at 0.8754, which is close to 0.8756 long term support.

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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