USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9030; (P) 0.9053; (R1) 0.9087; More….

USD/CHF is staying in consolidation from 0.9017 and intraday bias remains neutral first. Further fall is expected as long as 0.9116 support turned resistance holds. Break of 0.9017 will resume the decline from 0.9273 to retest 0.8925 low. Nevertheless, sustained break of 0.9116 will turn bias back to the upside for retesting 0.9273 instead.

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 06, 2021 at 01:19AM
ActionForex.com
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