USD/CHF Daily Outlook

Daily Pivots: (S1) 0.9095; (P) 0.9110; (R1) 0.9140; More….

While USD/CHF’s pull back from 0.9151 extended lower, down side is supported above 0.8996 support so far. Intraday bias remains neutral and further rally is expected. Break of 0.9151 will resume larger rally from 0.8332 to 0.9243 resistance. However, firm break of 0.8996 will confirm short term topping, and turn bias to the downside for 55 D EMA (now at 08932).

In the bigger picture, price actions from 0.8332 medium term bottom as tentatively seen as developing into a corrective pattern to the down trend from 1.0146 (2022 high). Further rise would be seen as long as 0.8728 support holds. But upside should be limited by 0.9243 resistance, at least on first attempt. However, decisive break of 0.9243 will argue that the trend has already reversed and turn medium term outlook bullish.

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