Detailed FX Market Outlook and Analysis

Daily Forex Analysis – USD/CHF – 12-July-2023

Forex Analysis

USD/CHF Daily Forex Analysis

In this daily forex analysis, we’re turning our attention to the USD/CHF pair. Although there’s potential for further decline, strong support is anticipated at 0.8760, which could limit the downward movement. On the upside, a break of 0.8904 – former support turned resistance – could pivot the intraday analysis back toward a possible rebound. However, if a decisive breakthrough of 0.8760 occurs, it would carry a significant bearish implication.

Zooming out to the bigger picture, the fall from 1.1050 (the high of 2022) is considered to be part of the long-term range pattern originating from 1.0346 (the high of 2016). Although we cannot rule out the possibility of additional decline, robust support at 0.8760 should act as a buffer, potentially triggering a reversal. A firm break through the 0.9150 resistance level would likely confirm medium-term bottoming.

USD/CHF Daily Analysis Summary

In summary, the USD/CHF intraday analysis suggests the potential for further decline, but strong support at 0.8760 could limit this downward movement. A break of 0.8904 could suggest a rebound, while a decisive break below 0.8760 carries bearish implications. From a longer-term perspective, a firm break of 0.9150 would likely confirm a medium-term bottom.

Key takeaways

  1. USD/CHF intraday analysis suggests the potential for further decline, but firm support at 0.8760 may limit the downside.
  2. A break above 0.8904 could pivot the intraday bias toward a rebound.
  3. In the longer term, further decline is possible, but a decisive break above 0.9150 could confirm a medium-term bottom.

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