Detailed FX Market Outlook and Analysis

Daily Forex Analysis – USD/CHF – 20-July-2023

Daily Forex analysis

USD/CHF Daily Forex Analysis

In today’s Daily Forex Analysis for the USD/CHF pair, we consider the likelihood of further depreciation. Nevertheless, a 100% projection from 0.9443 to 0.8822 emanating from 0.9150 could offer support around the 0.8529 level, potentially prompting a rebound. The bias could be tilted towards the downside if there is a break of minor resistance at 0.8633, focusing on the 55 4H EMA, which is now around 0.8687, and above.

From the perspective of our broader Daily Analysis, the break below 2021’s low of 0.8760 suggests a departure from the long-standing range pattern. As of now, the medium-term outlook for USD/CHF maintains a bearish demeanor, provided the resistance at 0.9150 remains intact. Should this bearish trend persist, we could witness a further dip toward the 61.8% retracement of the move from 2011’s low of 0.7069 to 2016’s high of 1.0346, situated at 0.8321.

USD/CHF Daily Analysis Summary

Today’s Daily Forex Analysis of USD/CHF suggests a potential further decline, though the support of around 0.8529 could trigger a rebound. The medium-term outlook remains bearish as long as 0.9150 resistance holds, possibly driving the pair toward 0.8321.

Key Points

  • In the USD/CHF Intraday Analysis, further depreciation is likely, but a rebound could be seen from support around 0.8529.
  • The bias may tilt to the downside upon breaking minor resistance at 0.8633.
  • The medium-term outlook stays bearish as long as 0.9150 resistance holds, targeting a further fall to 0.8321.

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