USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9269; (P) 0.9295; (R1) 0.9322; More….

Intraday bias in USD/CHF stays mildly on the downside for now. Correction from 0.9471 is in progress for 0.9221 support. But we’d expect strong support from 38.2% retracement of 0.8756 to 0.9471 at 0.9198 to contain downside and bring rebound. On the upside, above 0.9350 minor resistance will bring retest of 0.9471 high. However, sustained break of 0.9198 will bring deeper decline to 61.8% retracement at 0.9029.

In the bigger picture, fall from 1.0237 should have 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.