USD/CHF Daily Outlook

Daily Pivots: (S1) 0.9128; (P) 0.9176; (R1) 0.9207; More….

USD/CHF retreated after rising to 0.9223 and intraday bias is turned neutral first. Further rally is in favor as long as 0.9087 support holds. On the upside, above 0.9223 will resume larger rally to 0.9243 resistance, and 61.8% projection of 0.8728 to 0.9151 from 0.9009 at 0.9270. However, firm break of 0.9087 will indicate rejection by 0.9243 and turn bias back to the downside 0.9009 support instead.

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 0.8884 resistance turned 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 for 1.0146.

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