USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9685; (P) 0.9734; (R1) 0.9822; More…

Intraday bias in USD/CHF remains on the upside as rebound from 0.9541 is in progress. Further rally should be seen to 0.9866 key resistance level, 61.8% retracement of 1.0067 to 0.9541 at 0.9866. Decisive break there will bring retest of 1.0067 high. On the downside, below 0.9700 minor support will turn intraday bias neutral first.

In the bigger picture, rise from 0.9186 low has completed at 1.0067, after failing to sustain above 1.0037 resistance. Fall from 1.0067 could extend to 61.8% retracement of 0.9816 to 1.0067 at 0.9523 and possibly below. But for now, we don’t expect a break of 0.9186 low. On the upside, firm break of 0.9866 support turned resistance will suggest that fall from 1.0067 has completed and rise from 0.9186 is resuming.