Daily Pivots: (S1) 0.9298; (P) 0.9354; (R1) 0.9382; More

USD/CHF’s consolidation from 0.9186 is still in progress and intraday bias remains neutral. Near term outlook stays bearish with 0.9469 resistance intact. On the downside break of 0.9186 will extend the larger down trend to 0.9115 medium term projection level next. However, considering bullish convergence condition in 4 hour MACD, break of 0.9469 will indicate near term reversal and turn outlook bullish for 55 day EMA (now at 0.9527) and above.

In the bigger picture, fall from 1.0342 is developing into a medium term down trend. Deeper decline should be seen to 100% projection of 1.0342 to 0.9420 from 1.0037 at 0.9115. Break will target 161.8% projection at 0.8545. In any case, sustained trading above 55 day EMA is needed to be the first sign of medium term reversal. Otherwise, outlook will stay bearish even in case of strong rebound.

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USD/CHF 4 Hours Chart

USD/CHF Daily Chart

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