USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9821; (P) 0.9842; (R1) 0.9862; More…

USD/CHF’s extends today by taking out 0.9866 cluster resistance and hits as high as 0.9889 so far. Intraday bias is back on the upside. Sustained trading above 0.9866 will pave the way to retest 1.0067 high. On the downside, though, break of 0.9822 minor support will indicate short term topping and bring lengthier consolidations, before staging another rally.

In the bigger picture, focus is now back on 0.9866 support turned resistance. Decisive break there will suggests that pull back from 1.0067 has completed at 0.9541. And larger rise from 0.9186 low is ready to resume. Decisive break of 1.0067 will pave the way to 1.0342 key resistance next. Meanwhile, break of 0.9541 will extend the decline but we don’t expect a break of 0.9186 low even in that case.