USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9037; (P) 0.9053; (R1) 0.9067; More….

USD/CHF’s fall continues today and reaches as low as 0.9021 so far. Intraday bias stays on the downside for retesting 0.8925 low. On the upside, break of 0.9074 minor resistance will turn intraday bias neutral first. But another fall will remain in favor as long as 55 day EMA (now at 0.9126) holds.

In the bigger picture, failure to sustain above 55 week EMA (now at 0.9183) affirms medium term bearish in USD/CHF. Break of 0.8925 support should resume the whole decline form 1.0342 (2016 high) through 0.8756 low. For now, risk will stay on the downside as long as 0.9273 resistance holds, in case of rebound.

August 04, 2021 at 12:56AM
ActionForex.com
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