USD/CHF Mid-Day Outlook

My FX Forum

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Daily Pivots: (S1) 0.0.9863; (P) 0.9894; (R1) 0.9955; More…

Intraday bias in USD/CHF is turned neutral with a temporary top formed at 0.9954. Consolidation should be brief as long as 0.9889 minor support holds. Above 0.9954 will target 1.0067 resistance next. However, considering bearish divergence condition in 4 hour MACD, break of 0.9889 minor support will indicate short term topping and bring lengthier consolidation first.

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In the bigger picture, the pullback from 1.0067 has completed at 0.9541 already. And rise from 0.9186 is likely resuming. Firm break of 1.0067 will pave the way to retest 1.0342 key resistance. We’d be cautious on strong resistance from there to limit upside to bring another medium term fall to extend long term range trading.