USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9738; (P) 0.9786; (R1) 0.9818; More…

Intraday bias in USD/CHF remains netural first. We’d still expect strong support from 0.9649 to contain downside to complete the corrective fall from 0.9901. As noted before, fall from 1.0237 should have completed at 0.9181. Above 0.9901 will target 1.0023 resistance and then 1.0237. However, firm break of 0.9649 will dampen immediate bullishness and bring deeper pull back.

In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low). It could have completed at 0.9181 after hitting 0.9186 key support (2018 low). Further rise could be seen to retest 1.0237 high. After all, medium term range trading will likely continue between 0.9181/1.0237 for some time.