USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9899; (P) 0.9925; (R1) 0.9942; More…

USD/CHF’s rebound and break of 0.9957 minor resistance suggests that pull back from 1.0067 has completed at 0.9900. More importantly, the actions from 0.9787 maintain a higher-low, higher-high pattern and near term bullishness is retained. Intraday bias is back on the upside for retesting 1.0067 first. Break will resume whole rally from 0.9186.

In the bigger picture, as long as 0.9787 support holds, we’re still favoring the bullish case. That is, rise fro 0.9787 is resuming the whole up trend from 0.9186 and should target 1.0342 key resistance on resumption. However, break of 0.9787 will indicate medium term reversal and turn outlook bearish.