USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9900; (P) 0.9929; (R1) 0.9946; More…

USD/CHF’s consolidation from 0.9954 is still in progress and intraday bias remains neutral. Deeper pull back could be seen to 4 hour 55 EMA (now at 0.9866). But downside should be contained by 38.2% retracement of 0.9541 to 0.9954 at 0.9796 to bring rise resumption. On the upside, break of 0.9954 will target 1.0067 resistance next.

In the bigger picture, the pullback from 1.0067 has completed at 0.9541 already. And rise from 0.9186 is likely resuming. Firm break of 1.0067 will pave the way to retest 1.0342 key resistance. We’d be cautious on strong resistance from there to limit upside to bring another medium term fall to extend long term range trading.