USD/CHF Mid-Day Outlook – Action Forex

usdchf


Daily Pivots: (S1) 0.9042; (P) 0.9071; (R1) 0.9087; More….

No change in USD/CHF’s outlook and intraday bias stays neutral. Further decline is in favor as long as 55 4H EMA (now at 0.9088) holds. On the downside, break of 0.9005 and sustained trading below 55 D EMA (now at 0.9004) will bring deeper fall to 38.2% retracement of 0.8332 to 0.9223 at 0.8883. However, firm break of 55 4H EMA will suggest that the pull back has completed, and bring stronger rebound to retest 0.9223 high.

In the bigger picture, price actions from 0.8332 medium term bottom are tentatively seen as developing into a corrective pattern to the down trend from 1.0146 (2022 high). Rejection by 0.9243 resistance, followed by sustained break of 38.2% retracement of 0.8332 to 0.9223 at 0.8883 will strengthen this case, and maintain medium term bearishness. However, decisive break of 0.9243 will argue that the trend has already reversed and turn medium term outlook bullish for 1.0146.

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