USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.8818; (P) 0.8836; (R1) 0.8852; More….

No change in USD/CHF’s outlook and intraday bias stays mildly on the upside. As noted before, consolidation from 0.8884 should have completed with three waves to 0.8728. Further rally should be seen to retest 0.8891 resistance first. Firm break there will resume whole rally from 0.8332. Next target is 61.8% projection of 0.8550 to 0.8884 from 0.8728 at 0.8934. For now, this will remain the favored case as long as 0.8728 support holds, in case of retreat.

In the bigger picture, price actions from 0.8332 medium term bottom as seen as developing into a corrective pattern to the down trend from 1.0146 (2022 high). Further rise would be seen as long as 0.8555 support holds. But upside should be limited by 0.9243 resistance, at least on first attempt.

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