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) 0.9693; (P) 0.9717; (R1) 0.9756; More…

Intraday bias in USD/CHF remains neutral first. Upside of recovery should be limited by 0.9762 resistance to bring down trend resumption. Below 0.9661 minor support will bring retest of 0.9613 low first. Break will target 100% projection of 1.0237 to 0.9659 from 1.0023 at 0.9445. However, considering bullish convergence condition in 4 hour MACD, break of 0.9762 will indicate near term reversal and turn outlook bullish for stronger rebound to 55 day EMA (now at 0.9778) and above.

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 could target 0.9186 (2018 low). 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) 0.9675; (P) 0.9763; (R1) 0.9808; More….

With current retreat, a short term top could be formed at 0.9851 in USD/CHF already, just ahead of medium term projection level at 0.9864. Intraday bias is turned neutral for some consolidations first. Downside should be contained by 38.2% retracement of 0.9193 to 0.9851 at 0.9600. On the upside, firm break of 0.9864 will bring up trend resumption.

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 100% projection of 0.8756 to 0.9471 from 0.9149 at 0.9864. Sustained break there will pave the way back to 1.0342 high. This will now remain the favored case as long as 0.9459 resistance turned support holds.

Daily Pivots: (S1) 0.9197; (P) 0.9217; (R1) 0.9233; More….

Intraday bias in USD/CHF stays neutral for consolidation below 0.9236 temporary top. On the upside, break of 0.9236 will resume the rise from 0.9084 to 0.9367 resistance. On the downside, below 0.9172 minor support will turn intraday bias back to the downside for 0.9084 instead.

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) 0.9183; (P) 0.9222; (R1) 0.9245; More….

Focus is now on 38.2% retracement of 0.8756 to 0.9471 at 0.9198 as decline from 0.9471 extends. We’re still looking for support from here to bring rebound. On the upside, above 0.9258 will turn bias to the upside for retesting 0.9471. However, sustained break of 0.9198 will bring deeper fall to 61.8% retracement at 0.9029.

In the bigger picture, fall from 1.0237 should have completed at 0.8756, on bullish convergence 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. However, sustained trading below 55 day EMA (now at 0.9192) will revive medium term bearishness for down trend extension through 0.8756 at a later stage.

Daily Pivots: (S1) 0.9905; (P) 0.9921; (R1) 0.9934; More…..

With 4 hour MACD crossed below signal line, intraday bias in USD/CHF is turned neutral first. Further rise is expected with 0.9874 minor support intact. Break of 0.9951 resistance will resume the rebound from 0.9695 to 1.0014 resistance next. On the downside, break of 0.9874 minor support will turn bias back to the downside for 0.9803 support and below.

In the bigger picture, up trend from 0.9186 (2018 low) should have completed at 1.0237 already. Deeper decline would be seen to 61.8% retracement of 0.9186 to 1.0237 at 0.9587 and below. For now, USD/CHF is seen as in long term range pattern between 0.9186 and 1.0342. Hence, we’d pay attention to bottoming signal below 0.9587. However, sustained break of 1.0014 will revive medium term bullishness and turn focus back to 1.0237 high.

Daily Pivots: (S1) 0.9683; (P) 0.9717; (R1) 0.9738; More…..

Intraday bias in USD/CHF remains neutral for the moment. With 0.9766 minor resistance intact, deeper decline could still be seen. Break of 0.9640 will resume the fall fro 1.0067 and target 0.9523 fibonacci level next. On the upside, firm break of 0.9766 will argue that the fall from 1.0067 is finished, with bullish convergence condition in 4 hour MACD. In such case, intraday bias will be turned back to the upside for 0.9866 support turned resistance for confirmation.

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.

Daily Pivots: (S1) 0.8892; (P) 0.8925; (R1) 0.8945; More….

Intraday bias in USD/CHF remains neutral for the moment, and but further decline is expected as long as 0.9000 resistance holds. Below 0.8901 will resume the fall from 0.9243 to 61.8% retracement of 0.8551 to 0.9243 at 0.8815 next. Sustained break there will pave the way to retest 0.8551 low. Nevertheless, break of 0.9000 will turn bias back to the upside for stronger rebound.

In the bigger picture, the firm break of 55 D EMA (now at 0.8974) argues that rebound from 0.8551 might be completed as a correction at 0.9243. In other words, larger fall from 1.0146 (2022 high) is possibly not over yet. Risk will now stay on the downside as long as 0.9243 resistance holds. Firm break of 0.8551 will confirm down trend resumption.

Daily Pivots: (S1) 0.9044; (P) 0.9091; (R1) 0.9132; More…

Focus remains on 0.9056 support in USD/CHF. Firm break will resume larger down trend. Next near term targets are 61.8% projection of 0.9467 to 0.9056 from 0.9241 at 0.8987, and then 100% projection at 0.8830. On the upside, break of 0.9241 resistance is now needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low). Current development suggests that such pattern is still extending. Sustain 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) 0.9835; (P) 0.9910; (R1) 0.9959; More…

A short term top is in place at 1.0063 on bearish divergence condition in 4 hour MACD. Intraday bias in USD/CHF is now mildly on the downside for 38.2% retracement of 0.9193 to 1.0063 at 0.9731. For now, risk will stay mildly on the downside as long as 1.0063 resistance holds, in case of recovery.

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.

Daily Pivots: (S1) 0.8974; (P) 0.8997; (R1) 0.9012; More….

USD/CHF’s retreat from 0.9044 extends lower today but stays above 0.8925 resistance turned support. Intraday bias remains neutral and another rise remains in favor. on the upside, break of 0.9044 will resume the rebound form 0.8756 short term bottom to 38.2% retracement of 0.9901 to 0.8756 at 0.9193. However, firm break of 0.8925 will indicate that the rebound has completed, and bring retest of 0.8756 low..

In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 high). There is no clear sign of completion yet. Next target will be 138.2% projection of 1.0342 to 0.9186 from 1.0237 at 0.8639. In any case, break of 0.9295 resistance is needed to signal medium term bottoming. Otherwise, outlook will remain bearish in case of rebound.

Daily Pivots: (S1) 0.8498; (P) 0.8518; (R1) 0.8528; More….

Intraday bias in USD/CHF remains neutral as consolidation from 0.8332 is extending. Also, outlook stays bearish as long as 0.8665 support turned resistance holds. On the downside, break of 0.8332 will resume larger fall from 0.9243 to 0.8257 projection level.

In the bigger picture, down trend from 1.0146 (2022 high) is in progress. Next target is 61.8% retracement of 1.0146 to 0.8551 from 0.9243 at 0.8257. Sustained break there could prompt downside acceleration to 100% projection at 0.7648. This will now remain the favored case as long as 0.8819 resistance holds.

Daily Pivots: (S1) 1.0000; (P) 1.0027; (R1) 1.0068; More….

USD/CHF’s rally accelerates to as high as 1.0092 so far today. Intraday bias stays on the upside for 1.0128 resistance. Decisive break there will confirm resumption of up trend from 0.9186. Next target will be 100% projection of 0.9541 to 1.0128 from 0.9716 at 1.0303. On the downside, below 1.0039 minor support will turn intraday bias neutral first and bring consolidations. But retreat should be contained well above 0.9908 support to bring another rally.

In the bigger picture, USD/CHF drew strong support from medium term trend line and rebounded. That suggests rise from 0.9186 is still in progress. Further break of 1.0128 will confirm up trend resumption and target 1.0342 key resistance. Nevertheless, break of 0.9716 will dampen this bullish view and at least bring deeper fall to 0.9541 key support.

Daily Pivots: (S1) 0.9522; (P) 0.9591; (R1) 0.9632; More….

USD/CHF’s decline is still in progress and intraday bias remains on the downside for retesting 0.9437 low. Note again that the pair is bounded in medium falling channel and limited below 38.2% retracement of 1.0342 to 0.9437 at 0.9783. Break of 0.9427 will extend the whole decline from 1.0342 and carries larger bearish implications. On the upside, above 0.9619 minor resistance will turn intraday bias neutral again.

In the bigger picture, we’re slightly favoring the case that USD/CHF has successfully defended 0.9443 key support level. And long term range trading in 0.9443/1.0342 is extending with another rise. At this point, there is no sign of an up trend yet. Hence, while further rise is expected in USD/CHF, we’ll start to be cautious on loss of momentum above 61.8% retracement of 1.0342 to 0.9437 at 0.9996. However, firm break of 0.9443 will carry larger bearish implication and would target next key support at 0.9072.

USD/CHF recovered after edging lower to 0.9087 last week. Initial bias stays neutral this week first. Further fall is still in favor as long as 0.9197 resistance holds. Below 0.9087 will target a test on 0.8998. Firm break there will resume larger down trend. On the upside, however, break of 0.9197 will extend the corrective pattern from 0.8998 with another rise to 0.9304 resistance and above.

In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 high). There is no clear sign of completion yet. On resumption, next target will be 138.2% projection of 1.0342 to 0.9186 from 1.0237 at 0.8639. Nevertheless, strong break of 0.9376 support turned resistance will be an early sign of trend reversal and turn focus back to 0.9901 key resistance for confirmation.

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

Daily Pivots: (S1) 0.9228; (P) 0.9251; (R1) 0.9272; More….

Intraday bias in USD/CHF remains neutral as range trading continues. On the upside, break of 0.9271 minor resistance will suggest that the pull back from 0.9372 is finished. Intraday bias will be turned back to the upside for 0.9372. On the downside, below 0.9156 will target 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.

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) 0.8895; (P) 0.8924; (R1) 0.8960; More….

Intraday bias in USD/CHF remains neutral, and further decline is expected as long as 0.9000 resistance holds. Below 0.8886 will resume the fall from 0.9243 to 61.8% retracement of 0.8551 to 0.9243 at 0.8815 next. Sustained break there will pave the way to retest 0.8551 low. Nevertheless, break of 0.9000 will turn bias back to the upside for stronger rebound.

In the bigger picture, the firm break of 55 D EMA (now at 0.8974) argues that rebound from 0.8551 might be completed as a correction at 0.9243. In other words, larger fall from 1.0146 (2022 high) is possibly not over yet. Risk will now stay on the downside as long as 0.9243 resistance holds. Firm break of 0.8551 will confirm down trend resumption.

Daily Pivots: (S1) 0.9553; (P) 0.9609; (R1) 0.9644; More….

USD/CHF’s decline resumed by breaking 0.9571 and intraday bias is back on the downside. Current fall from 1.0037 would target a test on 0.9420 key support level. On the upside, break of 0.9666 resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish in case of recovery.

In the bigger picture, range trading continues between 0.9420/1.0342. At this point, 0.9420 appears to be a strong support level. Therefore, in case of decline attempt, we don’t expect a firm break of this level. Nonetheless, strong break of 1.0342 is also needed to confirm upside momentum. Otherwise, medium term outlook will stay neutral.

USD/CHF’s rebound from 0.9369 extended higher last week. Initial bias stays mildly on the upside for 0.9648 resistance first. Firm break there will bring stronger rally back to 0.9884 resistance next. On the downside, below 0.9496 minor support will revive near term bearishness and bring retest of 0.9369 low.

In the bigger picture, while 0.9471 support (2021 high) was breached, there was no follow through selling. Outlook is mixed for now. On the upside, firm break of 0.9648 resistance will revive the case that price actions from 1.0063 are just a corrective pattern, and the larger up trend is no over yet. However, another fall through 0.9369 will affirm the case that medium term up trend from 0.8756 has completed with three waves up to 1.0063.

In the long term picture, outlook is mixed with deeper than expected fall from 1.0063, but some support seen from 55 week EMA (now at 0.9433). Overall, though, USD/CHF is seen as in sideway pattern from 1.0342 (2016 high). Range trading should continue until further development.

Daily Pivots: (S1) 0.9123; (P) 0.9154; (R1) 0.9186; More…

Intraday bias in USD/CHF remains neutral first and further fall is expected with 0.9241 resistance intact. On the downside, break of 0.9050 will resume larger down trend. Though, break of of 0.9241 will confirm short term bottoming and turn bias to the upside for 0.9376 support turned resistance.

In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low). Current development suggests that such pattern is still extending. Sustain 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.