USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9227; (P) 0.9267; (R1) 0.9314; More….

USD/CHF’s correction from 0.9374 could have completed at 0.9212. Intraday bias is mildly on the upside for retesting 0.9374 first. Break there will resume larger rise from 0.8756, for 61.8% retracement of 0.9901 to 0.8756 at 0.9464 next. On the downside, break of 0.9212 will resume the correction to 38.2% retracement of 0.8869 to 0.9374 at 0.9181.

In the bigger picture, current development argues that fall from 1.0237 has completed at 0.8756, on bullish condition in daily and weekly MACD. Current rally from 0.8756 should target 0.9901 resistance first. Break there will target 1.0237/0342 resistance zone in the medium term. This will now remain the favored case as long as 0.9044 resistance turned support holds.