USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.8949; (P) 0.9011; (R1) 0.9057; More….

No change in USD/CHF’s outlook and intraday bias stays on the downside for 0.8886 support first. Break there will resume whole decline from 0.9243 to 0.8815 fibonacci support. For now, risk will be on the downside as long as 0.9111 resistance holds, in case of recovery.

In the bigger picture, outlook is mixed up by the deeper than expected pull back from 0.9243. Yet there was no follow through selling after hitting 0.8886. On the upside, break of 0.9243 resistance will revive the case of medium term bottoming at 0.8851, and turn outlook bullish. However, sustained break of 61.8% retracement of 0.8551 to 0.9243 at 0.8815 will argue that larger decline from 1.0146 is ready to resume through 0.8551 low.

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