USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9167; (P) 0.9209; (R1) 0.9232; More….

USD/CHF’s fall from 0.9367 resumes by breaking 0.9183 temporary low. Intraday bias is back on the downside for 0.9162 support. Considering bearish divergence condition in daily MACD, firm break of 0.9162 support will argue that whole rise from 0.8925 has completed Deeper decline would be seen to 0.9017 support next. On the upside, break of 0.9251 minor resistance will turn bias back to the upside for retesting 0.9367 instead.

In the bigger picture, the corrective structure of the rebound from 0.8925 argues that fall from 0.9471 is not completed 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 of assess the odds later. But for now, medium term outlook will be neutral at best as long as 0.9471 resistance holds.

October 22, 2021 at 01:06AM
ActionForex.com
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