USD/CHF Daily Outlook

Daily Pivots: (S1) 0.8837; (P) 0.8933; (R1) 0.8988; More….

Intraday bias in USD/CHF remains on the downside for the moment. Decisive break of 0.8886 support will resume whole decline from 0.9243, and target 100% projection of 0.9243 to 0.8886 from 0.9111 at 0.8754. On the upside, above 0.8925 minor resistance will turn intraday bias neutral first. But recovery should be limited well below 0.9051 resistance to bring another fall.

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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