USDCHF Outlook
USD/CHF Weekly Outlook
USD/CHF stayed in consolidations from 0.7603 last week. Initial bias stays neutral this week first. Stronger rebound cannot be ruled out but upside should be limited by 55 D EMA (now at 0.7861) to complete the pattern. On the downside, break of 0.7603 will resume larger down trend, and target 0.7382 projection level next.
In the bigger picture, down trend from 1.0342 (2017 high) is still in progress. Next target is 100% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.7382. In any case, outlook will stay bearish as long as 0.8123 resistance holds.
In the long term picture, price action from 0.7065 (2011 low) are seen as a corrective pattern to the multi-decade down trend from 1.8305 (2000 high). It's uncertain if the fall from 1.0342 is the second leg of the pattern, or resumption of the downtrend. But in either case, outlook will stay bearish as long as 0.8756 support turned resistance holds (2021 low). Retest of 0.7065 should be seen next.
USD/CHF Mid-Day Outlook
Daily Pivots: (S1) 0.7664; (P) 0.7695; (R1) 0.7722; More….
Intraday bias in USD/CHF stays neutral as consolidation from 0.7603 is extending. Strong rebound could be seen, but upside should be limited by 55 D EMA (now at 0.7862). On the downside, firm break of 0.7603 will resume larger down trend to 0.7382 projection level next.
In the bigger picture, larger down trend from 1.0342 (2017 high) is still in progress. Next target is 100% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.7382. In any case, outlook will stay bearish as long as 55 W EMA (now at 0.8152) holds.
USD/CHF Daily Outlook
Daily Pivots: (S1) 0.7664; (P) 0.7695; (R1) 0.7722; More….
USD/CHF is extending consolidations from 0.7603 and intraday bias remains neutral. Strong rebound could be seen, but upside should be limited by 55 D EMA (now at 0.7862). On the downside, firm break of 0.7603 will resume larger down trend to 0.7382 projection level next.
In the bigger picture, larger down trend from 1.0342 (2017 high) is still in progress. Next target is 100% projection of 1.0146 (2022 high) to 0.8332 from 0.9200 at 0.7382. In any case, outlook will stay bearish as long as 55 W EMA (now at 0.8152) holds.
