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USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9547; (P) 0.9572; (R1) 0.9611; More

USD/CHF’s corrective rebound from 0.9186 might extend higher. Still, we’d be cautious on strong resistance from 0.9626 key fibonacci level to limit upside. On the downside, below 0.9521 will turn intraday bias back to the downside for 0.9432 support. Break there will indicate near term reversal and completion of rebound from 0.9186. However, sustained break of 0.9626 will be another evidence of larger reversal. In this case, further rise would be seen to next fibonacci level at 0.9900.

In the bigger picture, fall from 1.0342 is seen as a medium term down trend. Main focus is on 38.2% retracement of 1.0342 (2016 high) to 0.9186 (2018 low) at 0.9626. Sustained break there will add to the case of trend reversal and target 61.8% retracement at 0.9900 and above). However, rejection from 0.9626 will maintain medium term bearishness for another low below 0.9186.

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