Daily Pivots: (S1) 0.9458; (P) 0.9556; (R1) 0.9607; More…

Intraday bias in USD/CHF remains on the downside at this point. Fall from 0.9901 would target 61.8% retracement of 0.9181 to 0.9901 at 0.9456. Sustained break there will target a test on 0.9181/6 key support zone. Nevertheless, break of 0.9655 minor resistance will indicate completion of the pull back. Intraday bias will be turned back to the upside for 0.9901 next.

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.

USD/CHF stayed in consolidation above 0.9879 last week and outlook is unchanged. Initial bias remains neutral this week first. As long as 1.0010 resistance holds, further decline remains in favor. On the downside, below 0.9879 will resume the fall from 1.0124 to 0.9716 key support. Nevertheless, break of 1.0010 will turn bias back to the upside for 1.0124/28 resistance zone.

In the bigger picture, focus is back on medium term trend line (now at 0.9849). Decisive break there will argue that whole rise from 0.9186 has completed. Further break of 0.9716 will confirm reversal and target next support level at 0.9541. Nevertheless, there is still a chance that price action from 1.0128 are forming a consolidative pattern with fall from 1.0124 as third leg. If this is the case, stronger support should be seen between 0.9716 and the trend line to contain downside.

In the long term picture, price actions from 0.7065 (2011 low) are not clearly impulsive yet. Thus, we’ll treat it as developing into a corrective pattern, at least, until a firm break of 1.0342 resistance.

USD/CHF dropped sharply to as low as 0.9651 last week and the development argues that whole rise from 0.9186 has completed at 1.0067 already. A temporary low is in place after hitting 161.8% projection of 1.0067 to 0.9866 from 0.9981 at 0.9656. Initial bias is neutral this week for some consolidations. But upside of recovery should be limited by 0.9775 minor resistance to bring another fall. On the downside, break of 0.9651 will target 200% projection at 0.8579 next.

In the bigger picture, current development suggests that rise from 0.9186 low has completed at 1.0067, after failing to sustain above 1.0037 resistance. Fall from 1.0067 could extend to 61.8% retracement of 0.9816 to 1.0067 at 0.9523 and below. But for now, we don’t expect a break of 0.9186 low. On the upside, firm break of 0.9866 support turned resistance will suggests that fall from 1.0067 has completed and rise from 0.9186 is resuming.

In the long term picture, price actions from 0.7065 (2011 low) are not clearly impulsive yet. Thus, we’ll treat it as developing into a corrective pattern, at least, until a firm break of 1.0342 resistance.

Daily Pivots: (S1) 0.9379; (P) 0.9402; (R1) 0.9424; More…

Intraday bias in USD/CHF remains neutral first and further decline is expected with 0.9453 resistance intact. On the downside, break of 0.9362 will target 100% projection of 0.9901 to 0.9502 from 0.9736 at 0.9337. Sustained break there will pave the way to retest 0.9181 low. However, firm break of 0.9453 will turn bias back to the upside for 0.9532 resistance instead.

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). Break of 0.9901 will extend the rebound from 0.9181 through 1.0023 resistance. After all, medium term range trading will likely continue between 0.9181/1.0237 for some more time.

Daily Pivots: (S1) 0.9650; (P) 0.9775; (R1) 0.9853; More…

Intraday bias in USD/CHF remains on the downside for the moment, as correction from 1.0063 is extending. Sustained break of 38.2% retracement of 0.9193 to 1.0063 at 0.9731 will target 55 day EMA (now at 0.9589). But downside should be contained by 61.8% retracement at 0.9525 to bring rebound. On the upside, above 0.9859 minor resistance will turn intraday bias neutral first.

In the bigger picture, down trend from 1.0342 (2016 high) should have completed with three waves down to 0.8756 (2021 low) already. Rise from 0.8756 is likely a medium term up trend of its own. Next target is 161.8% projection of 0.8756 to 0.9471 from 0.9149 at 1.0306, which is close to 1.0342 (2016 high). This will remain the favored case as long as 0.9459 resistance turned support holds.

USD/CHF surged to as high as 0.9459 last week but failed to break through 0.9471 resistance and retreated sharply. Break of 0.9318 minor support suggest short term topping. Initial bias is mildly on the downside this week for 55 day EMA (now at 0.9242). On the upside, firm break of 0.9471 will resume the rise from 0.8756 to 61.8% projection of 0.8756 to 0.9471 from 0.9090 at 0.9532.

In the bigger picture, medium term outlook will be neutral at best as long as 0.9471 resistance holds. Larger down trend could still extend through 0.8756 (2021 low). However, firm break of 0.9471 will argue that whole down trend form 1.0342 (2016 high), has completed with waves down to 0.8756. A medium term up trend should be set up to target 1.0237/0342 resistance zone.

In the long term picture, price actions from 0.7065 (2011 low) are currently seen as developing into a long term corrective pattern, at least until a firm break of 1.0342 resistance.

Daily Pivots: (S1) 0.9116; (P) 0.9159; (R1) 0.9191; More….

With break of 0.9156 support, intraday bias in USD/CHF is back on the downside for 0.9084 support. Firm break there should confirm that choppy rise from 0.8925 has completed, and suggests that fall from 0.9471 is resuming. Deeper decline would be seen through 0.8925. Nevertheless, break of 0.9200 minor resistance will mix up the outlook again and turn intraday bias neutral first.

In the bigger picture, the corrective structure of the rebound from 0.8925 argues that fall from 0.9471 is not complete yet. It could either be the second leg of pattern from 0.8756 (2021 low), or resuming larger down trend from 1.0237 (2018 high). We’d pay attention to the downside momentum and assess the odds later. But for now, medium term outlook will be neutral at best as long as 0.9471 resistance holds.

Daily Pivots: (S1) 0.9611; (P) 0.9653; (R1) 0.9697; More…

Intraday bias in USD/CHF remains on the downside with 0.9695 minor resistance intact. Whole decline form 1.0237 should be resume. Sustained trading below 0.9613 will target 100% projection of 1.0023 to 0.9613 from 0.9848 at 0.9438. On the upside, break of 0.9699 minor resistance will turn intraday bias neutral first. But recovery should be limited well below 0.9848 resistance to bring fall resumption.

In the bigger picture, medium term outlook remains neutral as USD/CHF is staying sideway trading started from 1.0342 (2016 high). Fall from 1.0237 is a leg inside the pattern and rejection by 55 week EMA affirms bearishness. Such decline could target 0.9186 (2018 low) and below. In case of another rise, break of 1.0237 is needed to indicate up trend resumption. Otherwise, more sideway trading would be seen with risk of another fall.

Daily Pivots: (S1) 0.9859; (P) 0.9890; (R1) 0.9908; More…

USD/CHF is staying below 0.9919 temporary top. Consolidation from there might extend and intraday bias stays neutral. . Deeper retreat could be seen after hitting 0.9900 fibonacci resistance. But downside should be contained above 0.9648 resistance turned support and bring another rally. Above 0.9919 will target 1.0037 resistance next.

In the bigger picture, medium term decline from 1.0342 has completed with three waves down to 0.9186. Rise from there is currently viewed as a leg inside the long term range pattern. Hence, while further rally would be seen, we’d be cautious on strong resistance from 1.0342 to limit upside. For now, further rise is expected as long as 0.9648 resistance turned support holds, even in case of pull back.

Daily Pivots: (S1) 0.9218; (P) 0.9263; (R1) 0.9292; More….

Intraday bias in USD/CHF is mildly on the downside as correction from 0.9374 could extend lower. But overall, outlook will remain bullish as long as 0.9044 resistance turned support holds. Up trend resumption is expected at a later stage. On the upside, above 0.9321 minor resistance will bring retest of 0.9374 first. Break there will resume larger up trend for 61.8% retracement of 0.9901 to 0.8756 at 0.9464.

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.

Daily Pivots: (S1) 0.9450; (P) 0.9489; (R1) 0.9512; More…

Intraday bias in USD/CHF remains neutral at this point. With 0.9463 minor support intact, rebound from 0.9376 short term bottom is still in favor to extend. On the upside, break of 0.9554 will target 55 day EMA (now at 0.9612). On the downside, however, break of 0.9463 minor support will turn bias to the downside for retesting 0.9376 low. Break there will resume the fall from 0.9901 instead.

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). Break of 0.9901 will extend the rebound form 0.9181 through 1.0023 resistance. After all, medium term range trading will likely continue between 0.9181/1.0237 for some more time.

Daily Pivots: (S1) 0.8885; (P) 0.8922; (R1) 0.8977; More…

USD/CHF’s recovery from 0.8858 extends higher today but stays below 0.9070 support turned resistance. Intraday bias remains neutral first. On the downside, below 0.8858 will resume the down trend to 61.8% projection of 1.0146 to 0.9058 from 0.9439 at 0.8767, which is close to 0.8756 long term support. Strong support is expected there to bring rebound, at least on first attempt. On the upside, break of 0.9070 support turned resistance will confirm short term bottoming and turn bias back to the upside.

In the bigger picture, fall from 1.1046 (2022 high) is in progress for 0.8756 support (2021 low). But overall, this fall is still seen as a leg in the long term range pattern from 1.0342 (2016 high). So, downside should be contained by 0.8756 to bring reversal. Sustained break of 0.9058 support turned resistance will be the first sign of medium term bottoming. However, decisive break of 0.8756 will carry larger bearish implications.

Daily Pivots: (S1) 0.9175; (P) 0.9209; (R1) 0.9246; More….

Intraday bias in USD/CHF is turned neutral with current retreat, and some consolidations could be seen first. But further rally is expected as long as 0.9089 support holds. Break of 0.9243 will resume the rally from 0.8551 and target 0.9439 resistance next. However, firm break of 0.9089 will confirm short term topping, and turn bias back to the downside for deeper pull back.

In the bigger picture, current development indicates that rise from 0.8551 is reversing whole down trend from 1.0146. Further rally would then be seen to 61.8% retracement at 0.9537 and above. For now, this will be the favored case as long as 55 D EMA (now at 0.8942) holds, even in case of deep pullback.

USD/CHF’s rise from 0.8332 resumed by breaking 0.8727 resistance last week. Initial bias stays on the upside this week despite loss of upside momentum. Next target is 61.8% retracement of 0.9243 to 0.8332 at 0.8995. On the downside, below 0.8687 minor support will turn intraday bias neutral first. But near term outlook will stay cautiously bullish as long as 0.8550 support holds.

In the bigger picture, there is prospect of medium term bottoming at 0.8332 considering possible bullish convergence condition in W MACD, and the support from 0.8317 long term fibonacci support. Sustained trading above 55 D EMA (now at 0.8681) will affirm this case, and bring stronger rise back towards 0.9243 resistance, even as a corrective move.

In the long term picture, price action from 0.7065 (2011 high) are seen as a corrective pattern to the multi-decade down trend from 1.8305 (2000 high) . Strong rebound from 61.8% retracement of 0.7065 to 1.0342 (2016 high) will start the third leg as a medium term rally. But there will be no sign of long term reversal until firm break of 38.2% retracement of 1.8305 to 0.7065 at 1.1359.

Daily Pivots: (S1) 0.9272; (P) 0.9312; (R1) 0.9337; More…

Intraday bias in USD/CHF remains on the downside for the moment. Fall from 0.9901 should target a test on 0.9181 low. We’ll looking for bottoming around there. On the upside, break of 0.9362 support turned resistance will turn intraday bias neutral first. But break of 0.9467 resistance is needed to indicate short term bottoming. Otherwise, near term outlook will stay bearish in case of recovery.

In the bigger picture, USD/CHF is still staying in long term range pattern from 1.0342, (2016 high). While deeper fall could be seen, we do not expect a firm break of 0.9181/86 support zone (2018 and 2020 low). Hence, we’d look for bottoming signal as it approaches this zone. However, sustained break there will carry long term bearish implications for next key support at 0.8336.

Daily Pivots: (S1) 0.9098; (P) 0.9144; (R1) 0.9169; More…

Intraday bias in USD/CHF remains neutral first. Another rise is in favor with 0.9082 minor support intact. Brea of 0.9200 will resume the rebound from 0.8998 to 55 day EMA (now at 0.9230) and then 38.2% retracement of 0.9901 to 0.8998 at 0.9343. On the downside, below 0.9082 minor support will turn bias back to the downside for retesting 0.8998 low instead.

In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low), which is still extending. Sustained trading below 100% projection of 1.0342 to 0.9186 from 1.0237 at 0.9081 will pave the way to 138.2% projection at 0.8639. On the upside, break of 0.9376 resistance is needed to be the first sign of medium term bottoming.

Daily Pivots: (S1) 0.9829; (P) 0.9872; (R1) 0.9899; More…

USD/CHF’s break of 0.9854 support argues that corrective rebound from 0.9659 has completed at 0.9983, after failing to sustain above 0.9975 resistance. Intraday bias is turned back to the downside for 0.9798 support first. Break will bring retest of 0.9659 low. On the upside, break of 0.9914 minor resistance will turn intraday bias neutral first. But risk will now stay on the downside as long as 0.9983 resistance holds.

In the bigger picture, the structure of the fall from 1.0237 suggests that it’s a corrective move. Sustained break of 0.9975 will argue that such correction has completed at 0.9659, ahead of 61.8% retracement of 0.9186 to 1.0237 at 0.9587. But decisive break of 1.0237 is needed to indicate up trend resumption. Otherwise, medium term outlook will stay neutral first. Meanwhile, break of 0.9695 support will extend the correction to 0.9541 support instead.

Daily Pivots: (S1) 0.8926 (P) 0.8983; (R1) 0.9016; More….

USD/CHF accelerates to as low as 0.8921 so far today, touching 100% projection of 0.9223 to 0.8987 from 0.9157 at 0.8921. There is no sign of bottoming yet and intraday bias stays on the downside. Break of 0.8921 will target 0.8883 fibonacci level. On the upside, above 0.8987 support turned resistance will turn intraday bias neutral first.

In the bigger picture, price actions from 0.8332 medium term bottom are tentatively seen as developing into a corrective pattern to the down trend from 1.0146 (2022 high). Rejection by 0.9243 resistance, followed by sustained break of 38.2% retracement of 0.8332 to 0.9223 at 0.8883 will strengthen this case, and maintain medium term bearishness. However, decisive break of 0.9243 will argue that the trend has already reversed and turn medium term outlook bullish for 1.0146.

Daily Pivots: (S1) 0.9968; (P) 1.0004; (R1) 1.0032; More…

Intraday bias in USD/CHF remains on the downside as correction from 1.0056 is in progress. Deeper fall would be seen to trend line support (now at 0.9764). At this point, we’d expect strong support from there to bring rally resumption. On the upside, sustained break of 1.0037 will resume recent rise for 1.0342 key resistance next.

In the bigger picture, medium term decline from 1.0342 has completed with three waves down to 0.9186. Rise from there is currently viewed as a leg inside the long term range pattern. Hence, while further rally would be seen, we’d be cautious on strong resistance from 1.0342 to limit upside. For now, further rise is expected as long as 38.2% retracement of 0.9186 to 1.0056 at 0.9724 holds.

Daily Pivots: (S1) 0.9446; (P) 0.9490; (R1) 0.9517; More…

Intraday bias in USD/CHF stays neutral as range trading continues. On the downside, below 0.9420 minor support will bring retest of 0.9376 low. Break will resume the whole decline form 0.9901 and target 100% projection of 0.9901 to 0.9502 from 0.9736 at 0.9337. On the upside, firm break of 0.9554 will resume the rebound from 0.9376 instead. In this case, further rally would be seen to 55 day EMA (now at 0.9586).

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). Break of 0.9901 will extend the rebound from 0.9181 through 1.0023 resistance. After all, medium term range trading will likely continue between 0.9181/1.0237 for some more time.