Daily Pivots: (S1) 1.0127; (P) 1.0141; (R1) 1.0159; More…..

Upside momentum in USD/CHF is so far unconvincing. But with 1.0008 support intact, further rally is still expected. Rebound from 0.9860 would target a test on 1.0342 key resistance level. As noted before, based on neutral medium term outlook, we’d be cautious on topping at around 1.0342. On the downside, break of 1.0008, however, will indicate completion of the rebound from 0.9860. And intraday bias will be turned back to the downside for 0.9860.

In the bigger picture, prior rejection from 1.0327 resistance argues that USD/CHF is staying in a medium term sideway pattern. In any case, decisive break of 1.0342 resistance is needed to confirm underlying strength. Otherwise, we’ll stay neutral in the pair first. In case of another fall, we’d expect strong support from 0.9443/9548 support zone. Meanwhile firm break of 1.0342 will target 38.2% retracement of 1.8305 to 0.7065 at 1.1359.

Daily Pivots: (S1) 0.9397; (P) 0.9467; (R1) 0.9542; More…

USD/CHF’s rebound from 0.9181 resumed by taking out 0.9568. Intraday bias is back on the upside. Sustained break of 0.9613 support turned resistance will indicate bullish reversal and target 0.9484 resistance and above. On the other hand, rejection by 0.9613 will retain near term bearishness. Break of 0.9391 will turn bias to the downside for retesting 0.9181/6 key support zone.

In the bigger picture, decline from 1.0237 is seen as the third leg of the pattern from 1.0342 (2016 low). As long as 0.9613 support turned resistance holds, further fall could be seen to 100% projection 1.0342 to 0.9186 from 1.0237 at 0.9081. However, firm break of 0.9613 will suggest that 0.9186 key support (2018 low) was defended. USD/CHF should have then started another rising leg in the long term range pattern, towards resistance zone of 1.0237 and 1.0342 (2016 high).

Daily Pivots: (S1) 0.9837; (P) 0.9879; (R1) 0.9911; More…

No change in USD/CHF’s outlook. The correction from 0.9954 is still in progress and deeper fall could be seen. But downside should be contained by 38.2% retracement of 0.9541 to 0.9954 at 0.9796 to bring rise resumption. On the upside, break of 0.9954 will resume the rise from 0.9541 and target 1.0067 resistance next.

In the bigger picture, the pullback from 1.0067 has completed at 0.9541 already. And rise from 0.9186 is likely resuming. Firm break of 1.0067 will pave the way to retest 1.0342 key resistance. We’d be cautious on strong resistance from there to limit upside to bring another medium term fall to extend long term range trading.

Daily Pivots: (S1) 1.0056; (P) 1.0085; (R1) 1.0107; More….

Intraday bias in USD/CHF remains neutral at this point. More consolidation could be seen but downside of retreat should be contained by 1.0027 minor support to bring another rally. On the upside, break of 1.0124 will target 61.8% projection of 0.9716 to 1.0098 from 0.9926 at 1.0162 and then 100% projection at 1.0308.

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 0.9926 support will be the first signal of medium term reversal and bring another test on the trend line.

Daily Pivots: (S1) 0.9485; (P) 0.9515; (R1) 0.9571; More…

USD/CHF’s consolidation from 0.9355 is in progress and intraday bias remains neutral at this point. On the downside, firm break of 0.9355 will resume the decline from 1.0146 to 0.9287 fibonacci level. Near term outlook will remain bearish as long as 0.9680 minor resistance holds, in case of another recovery.

In the bigger picture, rise from 0.8756 (2021 low) has completed at 1.0146, well ahead of 1.0342 long term resistance (2016 high). Based on current downside momentum, fall from 1.0146 might be a medium term down trend itself. Break of 61.8% retracement of 0.8756 to 1.0146 at 0.9287 will pave the way to 0.8756. In any case, risk will stay on the downside as long as 55 day EMA (now at 0.9726) holds.

Daily Pivots: (S1) 0.8967; (P) 0.8982; (R1) 0.9010; More….

Intraday bias in USD/CHF is turned neutral with current recovery. On the downside, below 0.8952 will target a test on 0.8886 support first. Break there will resume whole decline from 0.9243 to 0.8815 fibonacci level. However, break of 0.9111 will resume the rebound from 0.8886 instead, and target 0.9243 resistance.

In the bigger picture, outlook is mixed up by the deeper than expected pull back from 0.9243. Yet there was no follow through selling after hitting 0.8886. On the upside, break of 0.9243 resistance will revive the case of medium term bottoming at 0.8851, and turn outlook bullish. However, sustained break of 61.8% retracement of 0.8551 to 0.9243 at 0.8815 will argue that larger decline from 1.0146 is ready to resume through 0.8551 low.

Daily Pivots: (S1) 0.8947; (P) 0.8972; (R1) 0.9004; More…

Intraday bias in USD/CHF remains neutral at this point, and outlook is unchanged. Rebound from 0.8818 short term bottom is expected to continue as long as 0.8918 minor support holds. On the upside, sustained trading above 55 D EMA (now at 0.9039) should confirm that current rally is at least correcting whole down trend from 1.0146. Further rise should then be seen to 38.2% retracement of 1.0146 to 0.8818 at 0.9325. On the downside, though, break of 0.8918 will bring retest of 0.8818 low instead.

In the bigger picture, fall from 1.1046 (2022 high) is 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) 0.9829; (P) 0.9853; (R1) 0.9873; More….

Intraday bias in USD/CHF is mildly on the downside for 0.9734 and possibly below. But we’d expect strong support from 61.8% retracement of 0.9420 to 0.1.0037 at 0.9656 to complete the correction from 1.0037 and bring rebound. On the upside, break of 0.9977 will resume the rebound from 0.9734 for 1.0037 resistance.

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 dropped to as low as 0.9854 last week but formed a temporary low there and recovered. Initial bias is neutral this week for some consolidation first. In case of another recovery, upside should be limited by 1.0008 support turned resistance and bring fall resumption. On the downside, break of 0.9854 will extend the decline from 1.0237 to 0.9716 cluster support (50% retracement of 0.9186 to 1.0237 at 0.9712).

In the bigger picture, USD/CHF’s break of long term trend line support is the first indication of medium term reversal. Focus is now back on 0.9879 support. Sustained break should confirm that medium term up trend from 0.9186 has completed at 1.0237 already. Further fall should be seen to 0.9716 cluster support (50% retracement of 0.9186 to 1.0237 at 0.9712) next. Break will target 61.8% retracement at 0.9587.

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) 0.9033; (P) 0.9052; (R1) 0.9074; More…

Intraday bias in USD/CHF stays neutral for consolidation above 0.9303 temporary low. Further fall is expected as long as 0.9165 resistance holds. Below 0.9030 will target 0.8998 low first. Break will resume larger down trend for 61.8% projection of 0.9901 to 0.8998 from 0.9304 at 0.8746. However, break of 0.9165 resistance will delay the bearish case. Intraday bias will be turned back to the upside to extend the consolidation from 0.8998 with another rising leg.

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 0.9304 resistance will be an early sign of trend reversal and turn focus back to 0.9901 key resistance for confirmation.

Daily Pivots: (S1) 0.9179; (P) 0.9202; (R1) 0.9235; More….

Intraday bias in USD/CHF remains mildly on the upside at this point. Fall from 0.9372 should have completed with three waves down to 0.9101. Further rally would be seen to 0.9293 resistance first. Break will likely resume the choppy rise from 0.8925 through 0.9372 resistance. On the downside, break of 0.9101 will resume the fall from 0.9372 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.

USD/CHF rebounded strongly last week but couldn’t sustain above 0.9165 resistance so far. Initial bias remains neutral this week first. On the upside, sustained break of 0.9165 will argue that corrective pattern from 0.8998 has started the third leg. Further rise should be seen to 0.9304 resistance. Break will target 38.2% retracement of 0.9901 to 0.8998 at 0.9343. On the downside, break of 0.9030 will bring retest of 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 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 0.9304 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) 0.9863; (P) 0.9890; (R1) 0.9937; More…

Intraday bias in USD/CHF remains on the upside for the moment. Rise from 0.9695 is likely in progress. Break of 0.9951 resistance will confirm and target 1.0014 resistance next. On the downside, break of 0.9803 will turn bias to the downside for 0.9695 instead.

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) 0.9214; (P) 0.9262; (R1) 0.9294; More….

Intraday bias in USD/CHF remains neutral and further rise is still in favor as long a s0.9214 support holds. On the upside, break of 0.9367 will resume the rise from 0.8925 to 0.9471 key resistance next. On the downside, however, break of 0.9214 will turn bias back to the downside for 0.9017 support again.

In the bigger picture, the strong rally above 55 week EMA (now at 0.9188) now tilts favor to the case of bullish trend reversal. That is, decline from 1.3042 (2016 high) is probably completed at 0.8756 already. Sustained break of 0.9471 resistance should confirm this case and pave the way to retest 1.0342 ahead. However, rejection by 0.9471 will mix up the outlook again and retain some medium term bearishness.

A short term bottom was in place at 0.8332 with last week’s rebound, but price actions from there are seen as a corrective pattern only. Initial bias in USD/CHF is neutral this week first. Outlook remains bearish with 0.8665 support turned resistance intact. On the downside, break of 0.8332 will resume larger fall from 0.9243 to 0.8257 projection level.

In the bigger picture, the 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.

In the long term picture, there is no clear sign that down trend from 1.8305 (2000 high) has completed. With 38.2% retracement of 1.8305 to 0.7065 at 1.1359 intact, outlook is neutral at best.

Daily Pivots: (S1) 0.9916; (P) 0.9961; (R1) 1.0021; More…..

Intraday bias in USD/CHF remains neutral as the consolidation from 0.9860 continues. With 1.0043 minor resistance intact, deeper decline is expected. Current fall from 1.0342 is seen as the third leg of the pattern from 1.0327. Below 0.9860 will target 61.8% retracement of 0.9443 to 1.0342 at 0.9786 and below. On the upside, break of 1.0043 will indicate short term bottoming and turn bias back to the upside.

In the bigger picture, rejection from 1.0327 resistance suggests that consolidation pattern from there is still in progress. Fall from 1.0342 is seen as the third leg and retest of 0.9443/9548 support zone could be seen. But we’d expect strong support from there to contain downside. At this point, we’re still expecting the larger rally to resume later to 38.2% retracement of 1.8305 to 0.7065 at 1.1359, after the consolidation completes.

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Daily Pivots: (S1) 0.8666; (P) 0.8685; (R1) 0.8700; More….

Outlook in USD/CHF remains unchanged, with focus on 38.2% retracement of 0.9243 to 0.8332 at 0.8680, which coincides 55 D EMA (now at 0.8687). Decisive break there will turn near term outlook bullish for 61.8% retracement 0.8995. Nevertheless, break of 0.8565 minor support will turn intraday bias back to the downside for retesting 0.8332 low.

In the bigger picture, while rebound from 0.8332 could be strong, there is no clear sign of medium term bottoming yet. This rebound is tentatively seen as a corrective move for now. Also, outlook will stay bearish as long as 0.9243 resistance holds. Larger down trend from 1.0146 (2022 high) should resume through 0.8332 low at a later stage.

Daily Pivots: (S1) 0.9059; (P) 0.9092; (R1) 0.9111; More…

Intraday bias in USD/CHF remains neutral as sideway trading continues. With 0.9197 resistance intact, further decline is still in favor. On the downside, 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 to 55 day EMA (now at 9282).

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) 0.9767; (P) 0.9834; (R1) 0.9924; More…

With 4 hour MACD crossed below signal line, a temporary top is formed at 0.9901 in USD/CHF. Intraday bias is turned neutral for some consolidation first. Downside should be contained by 0.9649 support to bring another rally. As noted before, fall form 1.0237 should have completed at 0.9181. Above 0.9901 will target 1.0023 resistance and then 1.0237.

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.

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

Intraday bias in USD/CHF stays neutral for the moment. Consolidation from 0.8332 is extending and stronger recovery cannot be ruled out. But outlook will stay 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, the 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.