USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9308; (P) 0.9327; (R1) 0.9351; More….

Rise from 0.9084 is still in progress and intraday bias remain son the upside. Break of 0.9367 will target 0.9471 key resistance next. Decisive break there will carry larger bullish implications. 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, as long as 0.9471 resistance holds, larger down trend from 1.0237 (2018 high) could still extend through 0.8756 low. However, sustained break of 0.9471 will revive the case of medium term bullish reversal. In this case, we’d assess the change of retesting 1.0342 high at a later stage, by looking at the upside momentum first.

November 25, 2021 at 02:56AM
ActionForex.com
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