USD/CHF reversed after edging higher to 0.9868 last week. The development suggests that corrective pattern from 1.0063 is extending with another falling leg. Initial bias remains on the downside this week for 0.9369 support. On the upside above 0.9707 minor resistance will turn intraday bias neutral first.

In the bigger picture, current development suggests that up trend from 0.8756 (2021 low) is still in progress. Sustained break of 1.0063 will target 100% projection of 0.9149 to 1.0063 from 0.9369 at 1.0283, and then 1.0342 (2016 high). For now, this will remain the favored case as long as 0.9369 support holds, even in case of deep pull back.

In the long term picture, outlook is mixed with deeper than expected fall from 1.0063, but some support is 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) 0.9909; (P) 0.9944; (R1) 1.0012; More….

USD/CHF’s rally accelerates to as high as 1.0037 so far today. 61.8% retracement of 1.0342 to 0.9420 at 0.9990 is firmly taken out. Intraday bias remains on the upside for 1.0099 resistance first. Break will pave the way to 1.0342 key resistance level next. On the downside, below 0.9980 minor support will turn intraday bias neutral first. But retreat should be contained by 0.9835 resistance turned support and bring another rally.

In the bigger picture, current development suggests that USD/CHF has defended 0.9443 (2016 low) key support level again. Rise from 0.9420 could develop into a medium term move and target a test on 1.0342 high. This represents the upper end of a long term range that started back in 2015. On the downside, break of 0.9736 support is now needed to indicate completion of the rise from 0.9420. Otherwise, further rally will remain in favor in medium term.

Daily Pivots: (S1) 0.9618; (P) 0.9668; (R1) 0.9697; More…

Intraday bias in USD/CHF stays on the downside for 0.9588 support and below. Corrective pattern from 0.9901 is still in progress. But downside should be contained by 61.8% retracement of 0.9181 to 0.9901 at 0.9456 to rebound. On the upside, break of 0.9784 resistance will target a test on 0.9901 high.

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.

USD/CHF dropped sharply to as low as 0.9855 last week but recovered ahead of 0.9841 support. Initial bias is neutral this week first. With 0.9841 intact, rise from 0.9659 is extend to resume sooner or later. On the upside, above 0.9926 minor resistance will bring retest of 1.0027 resistance first. However, sustained break of 0.9841 will indicate near term reversal and pave the way back to 0.9659 support.

In the bigger picture, medium term outlook remains neutral as USD/CHF is staying in range of 0.9659/1.0237. In any case, decisive break of 1.0237 is needed to indicate up trend resumption. Otherwise, more sideway trading would be seen with risk of another fall. Meanwhile, break of 0.9695 support will target 0.9541 support instead.

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) 0.9221; (P) 0.9258; (R1) 0.9282; More….

Intraday bias in USD/CHF remains neutral first. 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. On the upside, break of 0.9293 will suggest that the pull back from 0.9372 is finished. Intraday bias will be turned back to the upside for 0.9372.

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) 0.8924; (P) 0.8949; (R1) 0.8996; More….

USD/CHF’s rebound from 0.8756 short term bottom is in progress and intraday bias stays on the upside for 0.8998 support turned resistance. Decisive break there will argue that fall from 0.9901 has completed. Stronger rally would be seen to 38.2% retracement of 0.9901 to 0.8756 at 0.9193. On the downside, break of 0.8897 minor support will turn bias back to the downside for retesting 0.8756 low instead.

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) 0.9011; (P) 0.9022; (R1) 0.9042; More….

USD/CHF’s break of 0.8984 support indicate resumption of fall from 0.9471. Intraday bias is back on the downside for retesting 0.8756 low. On the upside, break of 0.9092 resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

In the bigger picture, rejection by 61.8% retracement of 0.9901 to 0.8756 at 0.9464 argues that rebound from 0.8756 was probably just a corrective move. That is, larger down trend from 1.0237 might be still in progress. Medium term bearish is also affirmed as the pair is now far below falling 55 week EMA. Firm break of 0.8756 low will target 61.8% projection of 1.0237 to 0.8756 from 0.9471 at 0.8556 next.

Daily Pivots: (S1) 0.9005; (P) 0.9037; (R1) 0.9063; More…

Intraday bias in USD/CHF is turned neutral with a temporary low formed at 0.9009. Further decline is expected as long as 0.9197 resistance holds. Break of 0.9009 will resume larger down trend. However, considering bullish convergence condition in 4 hour MACD, break of 0.9197 should confirm short term bottoming and turn bias back to the upside for rebound.

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) 0.9170; (P) 0.9214; (R1) 0.9237; More….

Outlook in USD/CHF remains unchanged and intraday bias stays neutral for the moment. 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. On the upside, break of 0.9293 will suggest that the pull back from 0.9372 is finished. Intraday bias will be turned back to the upside for 0.9372.

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) 0.9713; (P) 0.9734; (R1) 0.9754; More…

No change in USD/CHF’s outlook and intraday bias remains neutral. Corrective pattern from 0.9901 could still extend. Break of 0.9665 will bring another fall to 0.9588 support and possibly below. But in that case, downside should be contained by 61.8% retracement of 0.9181 to 0.9901 at 0.9456 to rebound. On the upside, break of 0.9802 will target a test on 0.9901 high.

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) 0.8960; (P) 0.8983; (R1) 0.9011; More….

Break of 0.9000 minor resistance indicates short term bottoming at 0.8886. Intraday bias is back on the upside for 0.9086 resistance first. Firm break there will bring retest of 0.9243 high. On the downside, however, break of 0.8886 will resume the fall from 0.9243 to 61.8% retracement of 0.8551 to 0.9243 at 0.8815 next.

In the bigger picture, 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) 0.8953; (P) 0.8987; (R1) 0.9009; More….

Intraday bias in USD/CHF remains neutral for consolidations below 0.9019 temporary top first. Downside of retreat should be contained above 0.8838 support to bring rebound. Break of 0.9019 will resume larger rally from 0.8332. Next target is 100% projection projection of 0.8550 to 0.8884 from 0.8728 at 0.9062.

In the bigger picture, price actions from 0.8332 medium term bottom as tentatively seen as developing into a corrective pattern to the down trend from 1.0146 (2022 high). Further rise would be seen as long as 0.8728 support holds. But upside should be limited by 0.9243 resistance, at least on first attempt.

Daily Pivots: (S1) 0.9611; (P) 0.9634; (R1) 0.9669; More…..

USD/CHF recovered after hitting 0.9599 and intraday bias is turned neutral again. As long as 0.9757 resistance holds, deeper decline is expected. Break of 0.9599 will target 0.9523 fibonacci level next. Considering bullish convergence condition in 4 hour MACD, downside will likely be contained by 0.9523 to bring rebound. On the upside, break of 0.9757 will suggests that fall from 1.0067 has formed a short term bottom. In such case, further rise would be seen back to 55 day EMA (now at 0.9809).

In the bigger picture, 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.

USD/CHF extended the sideway trading from 0.9376 last week and outlook is unchanged. Initial bias remains neutral this week first. 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 0.9598).

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.

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) 0.9913; (P) 0.9928; (R1) 0.9945; More…

No change in USD/CHF’s outlook. As long as 0.9889 minor support holds, further rise is expected to 0.9975. Break there will target 1.0237 high. However, below 0.9889 minor support will turn intraday bias neutral first. Break of 0.9798 will target 0.9713 next.

In the bigger picture, the structure of the fall from 1.0237 suggests that it’s a corrective move. 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) 0.9859; (P) 0.9890; (R1) 0.9908; More…

Intraday bias in USD/CHF remains neutral for consolidation below 0.9919 temporary top. 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) 0.8956; (P) 0.8970; (R1) 0.8993; More….

USD/CHF is staying in consolidation from 0.8982 and intraday bias remains neutral. Further rally is expected as long as 0.8893 support holds. Above 0.8982 will resume the rally from 0.8551 to 0.9146 cluster resistance. However, firm break of 0.8893 will argue that a short term top is possibly formed, and turn bias back to the downside for 55 D EMA (now at 0.8858).

In the bigger picture, rebound from 0.8551 medium term bottom is currently seen as a correction to the downtrend from 1.0146 (2022 high). Further rally would be seen to 0.9146 cluster resistance (38.2% retracement of 1.0146 to 0.8551 at 0.9160). Strong resistance could be seen there to limit upside, at least on first attempt.

USD/CHF edged higher to 0.8891 last week but quickly retreated. Initial bias stays neutral this week first. Further rally is in favor as long as 0.8741 support holds. Break of 0.8891 will resume the whole rebound from 0.8332 towards 0.9243 key resistance. Nevertheless, break of 0.8741 support will turn bias back to the downside for deeper pullback.

In the bigger picture, a medium term bottom should be formed at 0.8332, on bullish convergence condition in W MACD, just ahead of 0.8317 long term fibonacci support. It’s still early to decide if the larger down trend from 1.0146 (2022 high) is reversing. But further rise should be seen to 0.9243 resistance even as a correction.

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) 0.9575; (P) 0.9610; (R1) 0.9659; More…

Intraday bias in USD/CHF remains neutral with focus on 0.9626 key fibonacci resistance. Sustained trading above this level will be another evidence of larger reversal. In that case, further rally should be seen back to next fibonacci level at 0.9900. On the downside, though, break of 0.9533 minor support should indicate rejection by 0.9626. Further break of 0.9432 will turn near term outlook bearish for retesting 0.9186 low.

In the bigger picture, fall from 1.0342 is seen as a medium term down trend. Main focus is on 38.2% retracement of 1.0342 (2016 high) to 0.9186 (2018 low) at 0.9626. Sustained break there will add to the case of trend reversal and target 61.8% retracement at 0.9900 and above. However, rejection from 0.9626 will maintain medium term bearishness for another low below 0.9186.

Daily Pivots: (S1) 0.9772; (P) 0.9821; (R1) 0.9853; More…

USD/CHF’s corrective fall from 1.0056 is still in progress. Intraday bias stays on the downside for 0.9724 fibonacci level. We’d expect strong support from there to bring rebound. Though, on the upside, break of 0.9911 minor resistance is needed to indicate completion of the fall. Otherwise, near term outlook will remain mildly bearish in case of recovery.

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. However, sustained break of 0.9724 will dampen this bullish view and would at least bring deeper fall to 61.8% retracement at 0.9518.