USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9197; (P) 0.9217; (R1) 0.9233; More….

Intraday bias in USD/CHF stays neutral for consolidation below 0.9236 temporary top. On the upside, break of 0.9236 will resume the rise from 0.9084 to 0.9367 resistance. On the downside, below 0.9172 minor support will turn intraday bias back to the downside for 0.9084 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.

November 16, 2021 at 02:17AM
ActionForex.com
https://ift.tt/3FjTYlM