USD/CHF Daily Outlook

USD/CHF Daily Outlook

Daily Pivots: (S1) 0.9131; (P) 0.9170; (R1) 0.9198; More....
USD/CHF is still staying in range of 0.9091 and 0.9251 and intraday bias remains neutral. Above 0.9251 will extend the rebound from 0.9001 to 0.9334 resistance. Break there will confirm resumption of rise from 0.8930 and affirm the case that whole rally from 0.7065 is still in progress for another high above 0.9594. However, below 0.9091 will flip bias back to the downside for 0.9001 first. Break will shift favor to the case that USD/CHF has indeed topped out at 0.9594 already.
In the bigger picture, we're treating rebound from 0.7065 medium term bottom as part of a consolidation pattern. Such rise could still extend higher but strong resistance should be seen at 0.9916 (61.8% retracement of 1.1730 to 0.7065 at 0.9948) to limit upside and bring reversal. On the downside, below 0.8930 will indicate that such rebound has likely finished at 0.9594 and should send USD/CHF through 0.8567 support instead.
USD/CHF 4 Hours Chart
USD/CHF Daily Chart

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