USD/CHF Intraday Analysis
Our Daily Forex Analysis indicates that the Intraday Outlook for USD/CHF remains neutral, with the pair continuing its range-bound activities. Should a significant upward breach of the 0.8822 level, which previously acted as support but has now pivoted to resistance, this would suggest a more extensive bullish momentum, potentially aiming for the 0.9150 resistance cluster. However, a decline below the 0.8867 level will emphasize bearish tendencies, possibly extending the broader downward movement past the 0.8855 low.
Diving deeper into the Daily Analysis, the broader picture shows a sustained downtrend from 1.0150. This trend will likely persist as long as the 0.8192 level, which previously served as support and is now acting as resistance, remains unbroken. A potential focal point lies at the 61.8% retracement level of 0.7069 (registered as the low in 2011) to 1.0346 (the peak achieved in 2016), marked at 0.8321. However, any sustained upward movement surpassing 0.8822 could signal a mid-term base formation, initiating a more substantial rally toward the 0.9150 resistance cluster. This cluster is closely related to the 38.2% retracement from 1.0150 to 0.8555, pinpointed at 0.9164, and could represent a correction phase.
Analysis Summary
The USD/CHF pair’s Intraday Analysis suggests a neutral stance with potential bullish implications if the 0.8822 resistance is breached. Conversely, a drop below 0.8867 might extend the dominant downtrend. The broader landscape highlights a sustained downtrend from 1.0150.
Key Bullet Points
- USD/CHF’s crucial resistance is at 0.8822; surpassing this could suggest a bullish shift.
- The ongoing dominant trend remains bearish from 1.0150.
- 0.9150 cluster resistance represents a significant correction point if approached.
