USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9287; (P) 0.9311; (R1) 0.9355; More….

Intraday bias in USD/CHF remains on the upside as rise from 0.9084 is in progress for 0.9367 resistance. Break there will resume whole choppy rise from 0.8925 to 0.9471 key resistance. On the downside, break of 0.9248 support is needed to indicate near term topping. Otherwise, further rally will remain in favor in case of retreat.

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 24, 2021 at 02:22AM
ActionForex.com
https://ift.tt/3FEWKlL