USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.8878; (P) 0.8903; (R1) 0.8945; More

Breach of 0.8858 support indicates resumption of recent down trend in USD/CHF. Intraday bias is back on the downside. Current fall from 1.0146 should target 1.0146 to 61.8% projection of 1.0146 to 0.9058 from 0.9439 at 0.8767, which is close to 0.8756 long term support. Strong support is expected there to bring rebound, at least on first attempt. On the upside, above 0.8926 minor resistance will turn intraday bias neutral first. Further break of 0.9001 should confirm short term bottoming.

In the bigger picture, fall from 1.1046 (2022 high) is in progress for 0.8756 support (2021 low). But overall, this fall is still seen as a leg in the long term range pattern from 1.0342 (2016 high). So, downside should be contained by 0.8756 to bring reversal. Sustained break of 0.9058 support turned resistance will be the first sign of medium term bottoming. However, decisive break of 0.8756 will carry larger bearish implications.

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