USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9675; (P) 0.9713; (R1) 0.9774; More…

USD/CHF’s rebound form 0.9502 extends to as high as 0.9783 so far. Intraday bias remains on the upside for retesting 0.9901. Break will resume whole rise from 0.9181. On the downside, break of 0.9648 minor support will extend the correction from 0.9901 with another fall. Intraday bias will be turned back to the downside for 61.8% retracement of 0.9181 to 0.9901 at 0.9456.

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.