USD/CHF Mid-Day Outlook

Daily Pivots: (S1) 0.9211; (P) 0.9242; (R1) 0.9259; More….

Intraday bias in USD/CHF remains on the downside for the moment. Fall from 0.9372 is accelerating and should target 0.9084 support first. Firm break there will argue that choppy rise from 0.8925 has completed, and fall from 0.9471 is resuming. Deeper decline would be seen through 0.8925. On the upside, break of 0.9213 minor resistance will turn intraday bias neutral first. But risk will stay mildly on the downside as long as 0.9372 resistance holds, in case of recovery.

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.

December 01, 2021 at 02:06AM
ActionForex.com
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