USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9783; (P) 0.9813; (R1) 0.9831; More…

Further decline is expected in USD/CHF with 0.9876 resistance intact, Current fall from 1.0023 should target test on 0.9659 low. However, considering bullish convergence condition in 4 hour MACD, break of 0.9876 will indicate short term bottoming. In such case, intraday bias will be turned back to the upside for 55 day EMA (now at 0.9899) and above.

In the bigger picture, medium term outlook remains neutral as USD/CHF is staying in range of 0.9659/1.0237. In any case, decisive break of 1.0237 is needed to indicate up trend resumption. Otherwise, more sideway trading would be seen with risk of another fall. Meanwhile, break of 0.9695 support will target 0.9541 support instead.