USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9408; (P) 0.9491; (R1) 0.9535; More…

USD/CHF’s fall accelerates to as low as 0.9318 so far. 100% projection of 1.0023 to 0.9613 from 0.9848 at 0.9438 is taken out without any hesitation. Intraday bias remains on the downside for 161.8% projection at 0.9185, which is close to 0.9186 long term support. On the upside, above 0.9437 minor resistance will turn intraday bias neutral and bring consolidation first, before staging another fall.

In the bigger picture, medium term outlook remains neutral as USD/CHF is staying sideway trading started from 1.0342 (2016 high). Fall from 1.0237 is a leg inside the pattern and rejection by 55 week EMA affirms bearishness. Such decline should target 0.9186 (2018 low) and below. This will remain the favored case as long as 0.9613 support turned resistance holds.